Finance

Finance

Azerbaijan announces expectations regarding the income and expenses of the state budget

01 August 2023 13:15 (UTC +04:00)

Revenues of the state budget are expected to amount to 33,890.5 million manats by the end of 2023, which is 10.1 percent more than the initially approved forecast indicator, the Ministry of Finance says, APA reports.

The Ministry noted that 52.3 percent or 17,739.7 million manats of the state budget's revenues fall to the oil and gas sector, and 47.7 percent, or 16,150.8 million manats to the non-oil/gas sector.

Compared to the initial forecasts of 2023, the revenues of the oil and gas sector are expected to increase by 1,442.7 million manats or 8.9 percent, and by 1,673.8 million manats or 11.6 percent for the non-oil/gas sector. As a whole, the share of non-oil/gas revenues in the state budget revenues will increase by 0.7 percentage points to 47.7 percent compared to the initial forecast.

Revised expenditure of the 2023 state budget is expected to be at the level of 36,624.8 million manats, which is 9.8 percent more than the initial forecast. As a financial guarantee of the mentioned cost increase, the revenues of the state budget of 2023 were increased by 3116.5 million manats (including the transfer from the State Oil Fund to the state budget by 457.7 million manats), and the deficit was increased by 155.0 million manats.

At the same time, due to the optimization and relocation of some approved expenses of the state budget, additional financial security in the amount of 1122.9 million manats was created within the budget expenses.