More than half of revenues of Azerbaijan state budget comes from oil and gas industry

During quarter 1, 2016 oil and gas proceeds totaled 1,991,300,000 AZN or 54.14% of revenues of the Azerbaijan state budget. When the oil price was between $100 and $110 per barrel, this index constituted about 72-73%.

From January to March 2016 revenues of Azerbaijan state budget totaled 3,678,100,000 AZN (the forecast overfullfilled by 3%), while expenses – 2,623,500,000 AZN (73.3% of forecast fulfilled), reported Turan quoting Azerbaijan Finance Ministry.

Transfers from the Azerbaijan State Oil Fund totaled 1,660,000,000 AZN. The Oil Fund’s resources constituted 45.1% in the revenues of the state budget.

The Taxes Ministry transferred 1,542,000,000 AZN (forecast overfulfilled by 1.4%) to the state budget and 331.3 million AZN was transferred from the oil industry. 416.9 million AZN was transferred to the budget from the State Customs Committee and the remaining is other revenues.

* In 2016 the Azerbaijan state budget revenues are forecast to total 16,822,000,000 AZN, while expenses – 18,495,000,000 AZN, the budget deficit – 1,673,000,000 AZN or 2.9% of GDP. The state budget is based on an average oil price of $25.00 per barrel.—0—