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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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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