Dynamics of Azerbaijani state budget incomes growth since beginning of oil prices fall

Baku, Azerbaijan, Jan.7

By Maksim Tsurkov - Trend:

In January-November 2014, actual revenues to the state budget of Azerbaijan totaled 17.169 billion AZN (31.9 percent of GDP), which is 8.76 percent more compared to October 2014, the government of Azerbaijan told Trend Jan.7.

The official exchange rate for January 7 is 0, 7844 AZN / USD.

The fall in world oil prices (40 percent), which began in June 2014, had its impact on the dynamics of state budget revenues of Azerbaijan. So, if the proceeds for July 2014 increased by 18.86 percent compared to June 2014, the growth amounted to 11.77 percent in August 2014 compared to the index for July 2014. Revenues in January-September 2014 increased compared to January-August 2014 by 13.4 percent, and in January-October 2014 they increased by 12.2 percent compared to late September 2014.

In the structure of state revenues in January-November 2014, 35.8 percent (6.145 billion AZN) were ensured through the Ministry of Taxes. Revenues from customs duties and taxes totaled 1.257 billion AZN (with a weight of 7.3 percent), through other sources - 9.767 billion AZN (56.9 percent).

During the reporting period, some 2.799 billion AZN were transferred to the state budget from the value added tax, which is 15.9 percent of total income, profit taxes totaled 2.217 billion AZN (12.9 percent), income tax - 876.7 million AZN (5.1 percent), excise tax - 754.5 million AZN (4.4 percent), property tax - 128.6 million AZN (0.8 percent), land tax - 32.9 million AZN (0.2 percent), tax on mineral resources - 113.4 million AZN (0.7 percent), taxes on foreign economic activity - 650.9 million AZN (3.8 percent).

State budget expenditures amounted to 15.1 billion AZN (28.1 percent of GDP), which is an 8.9 percent increase compared to October 2014.

Some 1.782 billion AZN (with a weight of 11.8 percent) from the budget were spent for social security and protection of the population in January-November, 1.209 billion AZN (8 percent) - for education, 552.7 million AZN (3.7 percent) - health care, 920.4 million AZN (6.1 percent) - maintenance of the prosecution, security, law enforcement, judicial bodies, 6.124 billion AZN (40.5 percent) - investments in the economy.

Around 22.5 percent (3.403 billion AZN) of public expenditure were spent on payment of salaries, pensions and benefits.

The budget surplus for January-November 2014 amounted to 2.072 billion AZN or 3.9 percent of GDP. This is by 7.6 percent more compared to index for late October 2014.

Revenues of the state budget for 2014 were estimated at 18.384 billion AZN, expenses - 20.063 billion AZN, and the deficit - 1.679 billion AZN. Budget projections were formed at an oil price of $100 for barrel.

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Follow the author on Twitter: @MaksimTsurkov

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