Public budget of Azerbaijan (January-August 2015)

The deficit of the Azerbaijani state budget amounted to 127 million manat (0.4 percent of GDP) in January-August 2015. The state budget was executed with a surplus of 938.4 million manat in the same period of 2014.

The state budget has been executed with a deficit for the sixth month. 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 2014. The surplus amounted to 80.1 million manat in January-February or by 61.8 percent more than last year.

The deficit of the Azerbaijani state budget amounted to 251 million manat in January-March 2015 compared to the surplus worth 108.4 manat in 2014, the deficit worth 822.5 million manat in January-April compared to the surplus worth 402.6 million manat, the deficit worth 905.8 million manat in Janaury-May compared to the surplus worth 654.5 million manat, the deficit worth 770.9 million manat in January-June compared to 615 million manat, the deficit worth 595.7 million manat in January-June compared to the surplus worth 774 million manat.

The actual income in the revenue part of Azerbaijan's state budget amounted to 10.67 billion manat in January-August 2015, which is 14 percent less than in the same period of 2014.

The state budget expenditures decreased by 5.9 percent and amounted to 10.79 billion manat.

Some 42.8 percent (4.57 billion manat) in the structure of revenues were ensured through the Ministry of Taxes. The Azerbaijani State Customs Committee transferred 1.02 billion manat (9.6 percent) to the state budget.

The tax revenues reduced by 5.8 percent, while customs deductions increased by 2.2 percent per annum.

Some 42.9 percent or 4.63 billion manat in the structure of budget expenditures accounted for the expenditure connected with the economic activity or by 8 percent or 404.8 million manat less than in the same period of last year.

Some 3.95 billion manat of this amount (a 6.6 percent decrease) was allocated to the sphere of industry, construction and minerals, 266.5 million manat (a 17 percent decrease) - agriculture, forestry and environmental protection.

Some 11.7 percent (1.26 billion manat with 2.1 percent decrease), health care costs - 3.7 percent (403.8 million manat with a 0.5 percent growth) accounted for the social security and protection costs in January-August 2015.

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.

Execution of public budget in January-August 2015

Items

Jan.-Aug. 2015

Specific weight, %

Compared to Jan.-Aug. 2014, %

Execution,

mln manat

total

In GDP

Income in total

10667,0

100,0

29,6

86,0

Including:

Income taxes from population

705,2

6,6

2,0

112,9

Profit taxes

1462,7

13,7

4,1

89,0

Land taxes

31,1

0,3

0,1

116,5

Property taxes

96,7

0,9

0,3

105,0

VAT

1999,6

18,8

5,6

100,1

Excises

431,4

4,0

1,2

77,7

Tax for natural wealth

77,7

0,7

0,2

91,7

Tax on external economic activities

405,5

3,8

1,1

81,6

Including:

Import duties

268,8

2,5

0,7

97,6

Other taxes

179,0

1,7

0,5

139,4

Other income

5278,1

49,5

14,7

78,1

Expenses in total:

10794,0

100,0

30,0

94,1

State expenses

Including:

1009,6

9,4

2,8

119,5

Membership fees to the international organizations

Maintenance of legal authorities, law-enforcement bodies, security and prosecution bodies

103,8

1,0

0,3

118,1

Education

656,0

6,1

1,8

100,1

Health

919,1

8,5

2,6

105,3

Social security and social provision

403,8

3,7

1,1

100,5

Culture, art, physical culture, and religious activities

1262,6

11,7

3,5

97,9

Expenses on economy

155,5

1,4

0,4

81,4

Expenses in total:

4625,7

42,9

12,8

92,0

Including:

Housing and communal economy

161,8

1,5

0,4

68,9

Agriculture, forestry and fishery

266,5

2,5

0,7

83,0

Industry and construction

3948,2

36,6

11,0

93,4

Transport and communications

50,8

0,5

0,1

95,7

Other expenses

1761,8

16,3

4,9

80,7

Surplus

-127,0

0,4

-

Source: State Statistics Committee and Ministry of Finance

· Review of construction sector in Azerbaijan (January-August 2015)

Some 64.8 percent of the total volume of construction work accounted for primary construction, reconstruction and expansion, 17.4 percent - overhaul, 5.5 percent - current repair and 12.3 percent - other construction work.

Commissioned:

Jan.-Aug. 2015

Compared to Jan.-Aug. 2014 (percent)

residential buildings, total area, thousand sq. m

1169,5

102,1

Hospitals

180

2 times

Pre-school educational institutions, facilities

4908

86,4

Funds directed to fixed capital, in mln manat

10550,1

101,7

Including:
- for the construction of production facilities

6478,8

101,9

- for the construction of facilities in service sector

3369,4

101,1

- for the construction and installation work of the total amount of funds

7874,2

108,4

Around 130,300 square meters of housing were commissioned in August 2015 compared to 168,835 square meters in July. Around 11,639,500 square meters of housing were commissioned in January-August or by 2.1 percent more than in the same period of 2014 (1,145,500 square meters).

Housing market

According to MBA Group consulting company, the Azerbaijani real estate market faces stagnation. No transactions are carried out. Currently, the Azerbaijani real estate market actually took a wait-and-see attitude, which is primarily connected with the fall in oil prices.

These two areas are closely related to each other. So, the decline in oil prices causes a reduction in real estate prices. But real estate prices can not fall forever. So, stagnation is observed on the market. But if oil prices continue declining, then the real estate prices may fall below the prime cost. This will completely stop the construction operations and paralyze the market.

Baku's real estate market as a whole decreased by 10 times compared to the same period of last year. Some 50 transactions were conducted on the real estate market in August 2014, but 5-6 transactions this year. In general, one can expect slight activity on the real estate market in the second half of September.

The slight activity was observed on the rental market, which is associated with the beginning of the school year. The reason is that the students admitted to the higher educational institutions are coming from Azerbaijani regions to Baku. This slightly affected an increase in the cost of rental housing. In August, the cost per square meter of rental housing increased by 5-6 percent. The prices per square meter of rental housing decreased by 30.26 percent in dollar equivalent during a year (from $12.03 to $8.39 per square meter). The prices reduced by 3 percentage points - from 9.4 to 9.12 manat per square meter in manat equivalent.

Table of secondary housing prices in different parts of Baku

The extended table of average prices per square meter of housing has been prepared on the basis of the data of the "Expert real estate center" LTD. The prices are set as of August 2015 and indicated in manat.

Names of different places in Baku

price (1 sq.m/manat)

A. Neymatulla street

1850

A. Sultanova monument

1757

US embassy

1881

Ataturk prospect

1885

Airport cash desk

1848

Europe hotel

1776

Azerbaijan State Academic Drama Theatre

2104

Azerbaijan cinema

2742

Azerbaijan prospect

2430

Azneft

2525

Azadliq prospect

1710

M.F. Akhundov garden

2301

Balajari settlement

1571

Bina settlement

1153

Bulbul prospect

2819

Buzovna settlement

1132

Babak prospect

1627

Badamdar prospect

1599

Bail settlement

1669

Baku cinema

1448

Bakikhanov settlement

1486

Bakikhanov street

2085

Beshmertebe

2243

J. Hajibayli st.

1959

J. Nakhchivan st.

1592

Javanshir bridge

1818

D. Aliyeva st.

1973

Darnagul residential area

1499

Drujba cinema

1890

E. Alakbarov st.

2081

Ahmadli metro station

1541

Ahmadli settlement

1328

Former Azizbayov monument

2102

F. Kh. Khoyski prospect

1813

Fountain Square

2603

Fizuli st.

2358

Ganja prospect

1349

"Ganjlik" metro station

2080

"A.Aslanov" metro station

1440

A.Aslanov settlement

1339

H. Javid prospect

1875

H. Aliyev prospect

1949

Heydar Aliyev Palace

2330

Z. Taghiyev combine

1439

Academician H. Aliyev st.

1717

Hovsan settlement

1240

"Hyatt Regency" hotel

1780

Icherisheher

2724

"Icherisheher" metro station

2719

"Inshaatchilar" metro station

1739

Inshaatchilar prospect

1707

Istiqlaliyyat st.

2588

Lokbatan settlement

1231

"Memar Ajemi" metro station

1758

M. Khadi st.

1330

M. Qashqai st.

1736

Metbuat prospect

1619

Central Universal Store

2597

Mushviq settlement

1019

Former Molokan garden

2842

Mehmandarov st.

1339

Montin settlement

1828

N. Tusi st.

1315

N. Narimanov monument

1949

Narimanov District Court

1838

"N. Narimanov" metro station

1996

Narimanov prospect

1850

Nasimi bazar

1902

Nizami st. (Torqovaya)

2953

"Nizami" metro station

1982

Nizami cinema

2529

Nizami st.

2657

"Neftchiler" metro station

1773

Neftchiler prospect

2709

Neapol circle

1425

Nobel prospect

1250

Parliament prospect

2242

"Gara Garayev" metro station

1680

Galaba cinema

1626

Qarachukhur settlement

1471

R. Behbudov st.

2428

Rasulzade settlement

1590

Embassy of Russia

1949

Radioworks

1450

S. Vurgun garden

2193

S. Vurgun st.

2119

Sharifzade st.

1646

"Sharq bazari"

1617

Shikhlinski st.

1383

Statistics Committee

1966

Surakhani settlement

1419

Sabunchu settlement

1456

"Sahil" metro station

2953

Sahil settlement

1267

Tbilisi prospect

1718

Tebriz st.

1731

"Teze bazar"

1803

Medical University

1893

U. Hajibayov st.

1974

Ukraine circle

1485

Former Vorovsky settlement

2076

Yasamal bazar

1626

Yasamal settlement

1611

Yeni Guneshli settlement

1354

Yeni Yasamal settlement

1230

Z. Bunyadov st.

1497

Z. Aliyeva st.

2841

Z. Khalilov st.

1960

Zikh settlement

1470

Zabrat settlement

1104

Zorge park

1845

Zoo

2023

"Elmler Akademiyasi" metro station

1925

Kohne Guneshli settlement

1483

Former K. Marx monument

1704

Keshle settlement

1518

Olymp store

1841

"Khalglar dostlugu" metro station

1560

Khagani st.

2596

Khazar department store

1464

"Khatai" metro station

1719

Khirdalan town

1332

1-st micro-region

1485

"January 20" metro station

1761

20th sector settlement

1264

"May 28" metro station

2397

May 28 street

2289

2-nd micro-region

1455

3-rd micro-region

1587

4-th micro-region

1477

5- th micro-region

1544

Hospital No5

1751

6- th micro-region

1464

7- th micro-region

1501

8- th micro-region

1709

8 kilometer settlement

1578

9- th micro-region

1485

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