Public budget of Azerbaijan (January-March 2015)

Analysis Materials 13 May 2015 14:52 (UTC +04:00)

The deficit of the Azerbaijani state budget amounted to 251 million manat (2.2 percent of GDP) in January-March 2015. According to the Ministry of Finance, the revenues, obtained from privatization and the balance on the single treasury account, were the main sources of covering the budget deficit.

The state budget was executed with a surplus of 421.6 million manat in January or 11.6 percent of GDP. It increased by 16.9 times compared to the same period of last year. The surplus amounted to 80.1 million manat in January-February or by 61.8 percent more than last year.

The actual income in the revenue part of Azerbaijan's state budget amounted to 3.939 billion manat in January-March 2015, which is one percent more than the projected index.

The state budget expenditures were executed at 89.9 percent and amounted to 4.190 billion manat.

Some 40.5 percent (1.595 billion manat) in the structure of revenues were ensured through the Ministry of Taxes. Some 69.5 percent or 1.052 billion manat of this amount accounted for the income obtained from the non-oil sector. This is by 4.6 percentage points more than in 2014.

The revenues obtained from customs duties and taxes totaled 341.9 million manat (with a share of 8.68 percent), which is 3.5 percent or 11.5 million manat more than in the same period of last year.

The revenues, obtained from paid services of organizations, financed from the state budget, accounted for 1.23 percent or 48.6 million manat, other sources - 0.2 percent (11.8 million manat). The revenues from other sources increased by 13.5 percent or 1.4 million manat compared to the first quarter of 2014.

The State Oil Fund of Azerbaijan transferred 1.94 billion manat to the state budget. Some 33 percent or 1.381 billion manat in the structure of state budget expenditures accounted for the socio-directed expenditure (gross payroll, scholarship, social allowances, medical and food expenses), which is 8.5 percent or 108.7 million manat more than in the same period of last year.

Some 13 percent (7.7 million manat) accounted for the economic expenditure, seven percent (7.8 million manat) - health expenditures, 24.2 percent (96 5 million manat) - defense spending, 0.7 percent (3.6 million manat) - social protection and social security in January-March 2015.

Some 507.7 million manat were allocated for the construction and reconstruction of scientific, social, educational, cultural, sports and other facilities, 911.6 million manat - for the construction and reconstruction of municipal infrastructure, as well as power engineering, transport, water, gas supply and reclamation in January-March 2015.

Some 10.2 million manat were allocated to finance the investment projects in the Nakhchivan Autonomous Republic.

During the reporting period, the consolidated budget revenues amounted to 4.367 billion manat, expenses - 4.967 billion manat, which is 1.6 million manat more than in 2014.
The state budget revenues for 2015 were approved in the amount of 19.438 billion manat, expenses - 21.1 billion manat. The budgetary projections have been formed upon an oil price of $90 per barrel.