Weekly economic review (23.05- 27.05.2011)
Last week, the Azerbaijani Parliament ratified a bill "On amendments to the Law on the 2011-state budget of Azerbaijan" and bill "On execution of 2010-state budget".
The 2010-state budget revenue has been fulfilled by 99.1 percent and amounted to 11.403 billion manat and expenditure by 96 percent (11.766 billion manat). The budget deficit amounted to 362.9 million manat, or 0.8 percent of the GDP, in 2010.
Under amendments to the 2011-state budget, the budget revenue forecast increased from 12.061 billion manat to 15.554.2 billion manat (an increase of 3.493.2 billion, or 29 percent), which means a 36.4-percent increase (4,151.2 billion manat) compared to actual index of 2010. The share of budgetary revenues in GDP is expected to increase up to 34.7 percent by late 2011, which exceeds the forecast by 4.7 percent and actual growth rate for 2010 by 7.3 percent.
Budget expenditures are projected at 15.941.2 billion manat (an increase of 3.193.2 billion, or 25 percent), which means a 35.5 -percent increase compared to actual index of 2010.
The budget deficit is projected at 387 million manat, or 0.9 percent of GDP.
The Parliament also voted to amend the budget of the State Social Protection Fund for 2011.