11.2% Budget Deficit Formed

The Ministry of Finance through the State Statistics Committee released operational data on the execution of the state budget in H1, 2016, according to which the deficit amounted to 687.7 million AZN, which corresponds to 2.5% of GDP.

State budget revenues for January-June amounted to 6 billion 133.8 million manats, while expenses were 6 billion 821.5 million manats... Expenditures exceeded revenues by 11.2%.

Relatively detailed information is provided on the execution of the state budget for five months. At the same time at a cost of about 5.3 billion manats, the surplus amounted to 137.7 million manats.

Revenues of the state budget in January-May 2016 amounted to 5.4 billion manats, or 15% less than in the period in 2015. Expenditures for the period decreased 27.5% (2 billion 15 million AZN).

According to the report, in contrast to the two areas, health financing decreased (-35.8 million AZN) as well as government investment (-2 billion 885.2 million manat), etc.

Mainly due to the financing of the automobile race Formula 1, costs of sport, culture and art increased 3.6 times - 344.6 million manats.   ----08B