By 112 votes "for" and three "against", the Milli Majlis adopted on Friday a draft State Budget of Azerbaijan for 2017.
The state budget revenues are projected at 15 billion 955 million manat (26% of GDP). The reduction compared to the year 2016 amounts to 867 million manat (5.2%).
The budget expenditures are projected at 16 billion 600 million manat (27% of GDP). The reduction compared to 2016 is by 1 billion 895 million manat (10.2%).
The budget deficit will amount to 645 million manat (an increase of 1 billion 28 million manat - 61.4%).
Transfers from the State Oil Fund are projected at 6 billion 100 million manat, AZN 1 billion 515 million or 19.9% less than in 2016.
The share of revenues from the oil sector profits in the budget is 49.2% (AZN 7 billion 855 million). This figure is 14.9% lower than in 2016.
Defense spending is forecast at the level of 2.8 billion manat, which is 16.7% of all budget expenditures. Compared to 2016, it is 2.9% (77 million manat) more.
The cost of maintenance of the Milli Majlis and its staff is increased in comparison with the original version of the project by 850 thousand manat and amounts to 23,939,714 manat.
The GDP growth is projected at 1% and amounts to 61.4 billion manat. The inflation forecast for 2017 is at 7.3%.
The state budget is formed at the rate of $ 40 per barrel of oil. -71D-
Economics
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