Ministry of Finance Publishes Report

The Ministry of Finance published the operational version of the final report on execution of the state budget last year. So, the main financial source of income amounted to 18 billion 400,500,000 manat, expenses - 18 billion 699,300,000 manat with a deficit of 298.8 million manat or 0.5% of GDP.

In the structure of revenues, income from the Ministry of Taxes amounted to 7 billion 113.6 million AZN (the plan was executed by 100.2%), including 4 billion 306,600,000 manat from the non-oil sector (an increase of 14.3 % compared with 2013 year).

Income from the State Customs Committee made up 1 billion 510.8 million AZN (the plan was fulfilled by 100.1%), transfers from the State Oil Fund - 9 billion 337 million manat, and the rest was other income. In the fourth quarter of 2014 state budget revenues amounted to 4 billion 329,900,000 manat. According to the Ministry of Finance, for 2014, the budget expenditures on defense sphere increased by 2.1%, health care - by 7.5%, social protection and social security - by 12.6%, housing and communal services - by 4.7% and education - by 8.2%.

In the structure of expenditure the levels of social spending amounted to 4 billion 485,800,000 manat (the share was 24%), which is 9.9% more than in 2013. In 2014 the volume of investments will be made up of 6 billion 259 million manat, and the share will be 33.5%. In the fourth quarter of 2014 state budget expenditures amounted to 6 billion 5.8 million manat.

Azerbaijan's state budget for 2014 was approved with the revenues of 18 billion 384 million manat, and the expenses of 20 billion 63 million manat. The budget deficit is projected at 1 billion 679 million manat or 2.87% of GDP. --17D-