During 6 months, 2016 incomes of the consolidated budget totaled 9,626,700 AZN, while expenses – 8,226,100 AZN, reported the Azerbaijan Finance Ministry.
Incomes of the state budget totaled 6,133,800 AZN against the forecast of 7,771,500 AZN. The state budget expenses constituted 88.8% and totaled 6,821,500 AZN. As a result of that the budget deficit totaled 687,700,000 AZN.
The Taxes Ministry’s proceeds totaled 3,190,100 AZN. The non-oil sector ensured 77.8% or 2,481,100 AZN of incomes (+10.8% against the same period in 2015).
According to Turan, during this period incomes of the state budget from the oil industry totaled 2,469,000 AZN (4,618,600 AZN during 6 months, 2015), of which 709 million AZN (1,057 million AZN) has been paid by the oil companies and 1,760 million AZN (3,561,600 AZN) was transferred from the Oil Fund. The transfers from the Oil Fund were down 51.7% against the forecast.
The State Customs Committee ensured 995,400,000 AZN of proceeds to the state budget (+30.1%).-0—
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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