Finance

Finance

Revenues and expenditures of 2016 state budget announced

14 September 2015 15:33 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. Revenues of 2016 state budget will make AZN 14,566.0 mln (25.2% of GDP), down AZN 4.872 bln or 25.1% from previous year. The expenditures are forecasted to make AZN 16.264 mln (28.2% of GDP), down AZN 4,836.0 mln or 22.9% from 2015.

According to Finance Ministry, oil price decline in world markets resulted in decline of revenues of state budget from oil sector.

Share of non-oil revenues in the state budget is forecasted to be 46.5%, up 11.8 percentage points from current year’s forecast, 12.5% from 2014.

62.6% or AZN 10,188.3 mln of total expenditures of state budget will be directed to current expenses, 29.7% or AZN 4,826.0 mln to capital expenditures, 7.7% or AZN 1,249.7 mln to state debts, 33% or AZN 5,364.4 mln to concrete program and measures.

Expenses for “Other expenditures” paragraph of economic classification in the state budget expenditures fell AZN 350.0 mln or 20.3 compared to 2015.

AZN 1,698.0 mln was allocated for funding of budget deficit in 2016. The funding process of the budget deficit will be carried out through receipts from privatization, internal and external borrowing, external grants and residual of the single treasury account as of January 1, 2016.

2016 budget deficit/GDP ratio will make 2.9%.