Draft of state budget of Azerbaijan for fiscal year 2015 based on oil price of $90.00 per barrel
The Azerbaijani government has reduced the forecast of oil price in the draft state budget for fiscal year 2015. The budget is based on the average annual oil price of $90.00 per barrel against $100 in 2014, reads the presentation of the drafts of state and consolidated budgets of Azerbaijan for the next year released by the Finance Ministry.
According to the draft budget, the state budget revenues for 2015 are forecast at 19,438,000,000 AZN (growth by 5.7% against 2014), while expenses – 21,100,000,000 AZN (growth by 5.2%).
According to the forecast, in 2014 GDP in the oil industry will decrease by 2.2%. In 2015 the share of the oil industry in GDP is forecasted at 34.9% against 40.4% this year.
Next year share of the oil industry in the total budget earnings will reduce to 65.3% against 66% expected in 2014.
“This year the price peak for the Azerbaijani oil was in June ($113.2 per barrel), but in September the price dropped to $98.3,” reads the report.
The prices in September 2014 were the worst. In average during 9 months, 2014 Azerbaijani oil was exported at the price of $108.2 per barrel, down $2.9 against a year earlier.
According to the Finance Ministry’s estimates, with the forecast of oil price of $90.00 per barrel 1in 2015, oil and gas export will total $24.1 billion, while oil GDP – 20.3 billion AZN ($25.88 billion).—0—
Economics
-
Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
-
Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
-
Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
-
The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
Leave a review