In 2015 oil revenues of Azerbaijan state budget dropped by 16%

Year 2015 was difficult for the Azerbaijani economy. We have seen high inflation, devaluation of national currency and lower economic growth, especially in the non-oil sector, said Vugar Gulmammadov, chairman of the Clearing House, said at the session of Milli Mejlis (parliament).

He said in 2015 oil revenues of the state budget dropped by 15.8% and their specific weight dropped from 66% to 58.4%.

Gulmammadov added that low oil prices at the world markets have affected proceeds of some items of revenues of the state budget, including transfers from the State Oil Fund (SOFAZ) to the state budget.

According to the document, in 2015 deficit of Azerbaijan state budget totaled 286.5 million AZN or 0.5% of GDP.

In 2015 revenues of the state budget totaled 17,498,000,000 AZN and their execution constituted 90%. In 2015 budget revenues decreased by 4.9% against 2014.

In 2015 transfers from SOFAZ to the state budget totaled 8,130,000,000 AZN or 46.5% of all budget revenues.

Last year proceeds from the Taxes Ministry totaled 7,118,300,000 AZN or 40.7%, State Customs Committee – 1,591,900,000 AZN and 9.1% were other revenues.

SOFAZ transferred 78.3% of funds, Taxes Ministry – 99.9% and Customs Committee – 112.4% against the forecast.

In 2015 state budget expenses totaled 17,784,500,000 AZN and was executed at 84.3%.

* At the session on May 20, 2016 the parliament committee approved the draft law on execution of the state budget of Azerbaijan in 2015. The document will be considered at the parliament session on May 31, 2016.—0—