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—
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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