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Azerbaijan sends 2009 draft budget to parliament for approval

14 October 2008 12:20 (UTC +04:00)

The blueprint will be discussed at the parliament commission for economic policy in a few days.
Under the predictions, GDP is predicted to reach AZN 43.6 billion and average salary AZN 353.3 next year.
Revenues are projected to rise 16.1% to AZN 12.177 billion (27.9% of GDP) and expenditures are expected to increase 11.7% to AZN 12.355 billion (28.3% of GDP).
The current expenditures are predicted to be AZN 6 655.5 million (53.9% of total spending), capital expenditures AZN 5 609.4 million (45.4%), debt service AZN 90.1 million (0.7%). Social expenditures will account for 33% (AZN 4.024 billion) in the budget, up AZN 790 million on 2008.
Revenues of consolidated budget are projected to rise 29.9% to AZN 22.680 billion and expenditures 15.5% to AZN 14.758 billion.
Predictions for revenues are approved at AZN 12.177 billion and expenditures at AZN 12.355 billion.
Under macroeconomic outlook, in the pessimistic forecast, oil prices are considered at the level of $80 per barrel in 2009. The medium scenario envisages oil prices at $100 and optimistic projection takes oil prices at $125.
GDP growth rate is expected to be at least 18% and inflation will be 12-14% next year.
Azerbaijanâ€™s GDP is expected to reach AZN 41 billion at the 2008 year-end.