State Budget of Azerbaijan-2019 Laid Down Practically on Oil Revenues

Baku/05.11.18/ Turan: The Milli Majlis (parliament) on November 13, 2018 will begin discussions on the draft state budget of Azerbaijan for 2019, Azerbaijani parliamentary speaker Oktay Asadov said.

The state budget revenues for the next year are calculated from the price of oil at $ 60 per barrel (for 2018 - $ 55 per barrel, for 2017 - $ 45).

State budget revenues for 2019 are projected at 22 billion 917.5 million manat (an increase of 3.5% compared to 2018), and expenses are projected at 24 billion 780.1 million manat (an increase of 7.3%).

The government of Azerbaijan forecasts a state budget deficit for 2019 at the level of 1 billion 862.6 million manat or 2.3% of GDP.

In the revenue structure, 59.8% or 13 billion 700.3 million manat is planned to be secured from revenues from the oil sector, and 40.2% or 9 billion 217.2 million manat - from the non-oil sector.

Compared to 2018, growth in budget revenues from the oil sector is planned at 2.7%, and from the non-oil sector - by 4.7%.

Note that in reality, the government expects average export prices for oil at $ 75 per barrel, that is, 25% more than forecast in the budget. Due to this the revenues from the oil sector to the state budget will be much greater and due to this, the government plans to cover the state budget deficit.

State budget revenues for 2018 were approved in the amount of 22 billion 149 million manat, and expenses - at 23 billion 100 million manat. The state budget deficit is projected at 951 million manat or 1.3% of GDP. -0-