The consolidated budget surplus in Azerbaijan stood at around 1.037 billion manats in the first half of 2016. Revenues of the consolidated budget neared 9.263 billion manats, while the expenditures totaled around 8.226 billion manats.
The state budget revenues stood at around 6.134 billion manats in January-June 2016, as compared to the forecasted volume of about 7.772 billion manats. The budget expenditures were executed by 88.8 percent and stood at around 6.822 billion manats. This formed a budget deficit of 687.7 million manats.
The revenues through the Ministry of Taxes stood at about 3.190 billion manats, or 2 percent more than the forecasted volume. The major part of the revenues (77.8 percent or around 2.481 billion manats) accounted for the non-oil sector, or 10.8 percent more than in the first half of 2015.
The State Customs Committee ensured transferring 995.4 million manats to the state budget, or 18.2 percent more than the forecasted volume. The revenues through the State Customs Committee have increased by 30.1 percent, or 230.4 million manats as compared to January-June 2015.
Some 127.3 million manats accounted for revenues from paid services of the organizations financed from the state budget, while 56.9 million manats accounted for revenues from other sources.
The transfers of Azerbaijan’s State Oil Fund (SOFAZ) to the state budget stood at 1.76 billion manats, or 51.7 percent less than the forecasted volume.
Some 2.959 billion manats or 43.4 percent of the state budget expenses were directed to social spheres (the payroll fund, pensions, social benefits, food and medical expenses) in the first half of 2016, which is 7.7 percent or 211.2 million manats more than in January-June 2015.
Moreover, 103.1 million manats were directed to construction and reconstruction of facilities in the spheres of science, healthcare, culture, sports and others, 532 million manats – for construction of infrastructure in the spheres of energy, water and gas supply, transportation, utilities and land reclamation, and 19.1 million manats were directed for financing investment projects in Nakhchivan Autonomous Republic.