Minister of Finance of the Republic of Azerbaijan Samir Sharifov made a business visit to the Islamic Republic of Pakistan, the United Arab Emirates (UAE) and India on February 19-21***As of January 1st, 2018, the external public debt of the Republic of Azerbaijan constituted 9,398.3 million US dollars (equivalent 15,978.1 million manat). The Debt to the Gross Domestic Product ratio stands at 22.8 percent (based on 2017 GDP of AZN 70,135.1 mln)******

Update on state budget execution in the six months of 2018

Update on state budget execution in the six months of 2018

10.07.2018

 

In the first six months of 2018, the state budget revenues were 9.821.6 billion manats, while expenditures made 9.524.3 billion manats. The state budget saw a surplus of 297.3 million manats.

 

Revenues

The budget revenues were executed in the amount of 9.821.6 billion manats in the first six months of 2018, which is 27.1 percent or 2.906.8 billion manats more than in the same period of the previous year.
The Ministry of Taxes of the Republic of Azerbaijan transferred 3.382.6 billion manats to the state budget, 0.9 percent or 30 million manats more than in the first half of 2017.
The non-oil sector incomes account for 65.8 percent or 2.226.1 billion manats of this revenue.
The State Customs Committee of the Republic of Azerbaijan transferred 1.619 billion manats to the state budget in the first half of the year, registering a growth of 38.2 percent or 447.8 million manats against the same period of 2017.
Revenues derived from paid services provided by budget-funded organizations made 1.078.9 billion manats.
Revenues derived from other sources made 33.1 million manats.
The State Oil Fund of the Republic of Azerbaijan transferred 4.608 billion manats to the state budget.
The budget revenue forecast for April-June, 2018, was executed in the amount of 5.258.2 billion manats, which is 1.125.1 billion manats or 27.2 percent more in comparison with the same period of the previous year.

Expenditures
The state budget expenditures were executed in the amount of 9.524.3 billion manats in the first half of this year, registering a growth of 16.2 percent or 1.330.6 billion manats against the same period of 2017.
According to the economic classification, 38.1 percent or 3.625.7 billion manats of the state budget expenditures went toward social expenses (labor payment fund, pensions and social allowances, spending on medicines and food) in the first half of 2018, which is 3.6 percent or 125.7 billion manats more than in the same period of the previous year.
In the first six months of 2018, 4.948.8 billion manats or 51.9 percent of the state budget expenditures went toward current expenses, 3.596.3 billion manats or 37.8 percent toward capital expenditure, 979.2 billion manats or 10.3 percent were expenditures relating to state debt and commitments.
In April-June, 2018, the state budget expenditures were executed in the amount of 5.116.3 billion manats, which is 835.3 billion manats or 19.5 percent more than in 2017.

Consolidated budget
The consolidated budget revenues made 15.100.2 billion manats in the first half of this year, which is 3.492.1 billion manats or 30.1 percent more than in the first six months of 2017. The consolidated budget expenditures were executed in the amount of 10.843 billion manats.
The consolidated budget saw a surplus of 4.257.2 billion manats in the first half of 2018.