Baku, Azerbaijan, April 4
By Matanat Nasibova – Trend:
State budget revenues of Azerbaijan amounted to 7.8 billion manat ($4.5 billion) in the first quarter of 2020, which is 43.6 percent more compared to the same period last year, a source at the Ministry of Finance told Trend.
According to the source, the forecast on state budget revenues during the reporting period was over fulfilled by 35.9 percent.
Some 32.5 percent (2.53 billion manat, or $1.49 billion) of the revenues accounted for the oil sector.
In the past three months, a surplus of 2.55 billion manat ($1.5 billion) was formed in the state budget of Azerbaijan, which made up 32.7 percent to the budget revenues from January through March.
During the reporting period, the State Customs Committee transferred 991 million manat ($582.9 million) to the state budget.
In the same period, the State Tax Service under the Ministry of Economy transferred over 2.3 billion manat ($1.41 billion). Of these funds, 1.3 billion manat ($820 million), or 68.5 percent of total funds were collected by the service in the non-oil sector.
Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget in the first three months of 2020 amounted to 4.6 billion manat ($2.7 billion).
From January through March 2020, the state budget expenditures amounted to 5.2 billion manat ($3 billion), which is 4.4 percent more than the figures for 2019.
Some 2.51 billion manat ($1.48 billion) of the state budget expenditures accounted for social expenses, which made up 48 percent of total state budget expenditures, and is 19.7 percent more compared to the same period of 2019.
During the reporting period, 74.6 percent of state budget expenditures (3.9 billion manat, or $2.3 billion) consisted of current expenses, with 17.7 percent (930.3 million manat, or $547.2 million) consisting of capital expenditures, and the rest 7.7 percent (404.6 million manat, or $238 million) of expenditures accounted for servicing external debt and other obligations of the state.
In 2020, the total forecast for the state budget revenues is 24.1 billion manat ($14.2 billion), expenses – 26.8 billion manat ($15.8 billion).
The state budget deficit this year is projected at 2.7 billion manat ($1.6 billion) or 3.3 percent of GDP.
($1=1.7 AZN on Apr. 4)