State budget surplus hits $125.1m in 1Q2021
By Ayya Lmahamad
Azerbaijan’s state budget surplus amounted to AZN 212.7 million ($125.1M) in the first quarter of 2021, the Finance Ministry has reported.
In the first quarter of the year, state budget revenues amounted to AZN 5.7 billion ($3.3bn) which is by AZN 23.5 million ($13.8M) or 0.4 percent more than forecasted.
The State Tax Service under the Economy Ministry transferred AZN 2 billion ($1.1bn) to the state budget, which is by 21.1 percent more than forecasted and by 2.2 percent more than in the same period of 2020.
Some AZN 1.5 billion ($882.3M) of these funds fall on the share of revenues from the non-oil sector, which is by 7.9 percent more than during the corresponding period of last year.
Moreover, the State Customs Committee transferred AZN 943.6 million ($555M) to the state budget in January-March this year, which is by 20.2 percent more than the forecast.
Transfers from the State Oil Fund of Azerbaijan to the state budget amounted to AZN 2.5 billion ($1.4bn) which is by 17.6 percent less than forecasted.
Furthermore, during the reporting period, state budget expenditures were executed by 102 percent or AZN 5.5 billion ($3.2bn) against the forecast, which is by 5.1 percent more than in the corresponding period of 2020.
During the reporting period, 48 percent or AZN 2.6 billion ($1.5bn) of the state budget expenditures were allocated to finance social expenditures, which is by 5.2 percent more than in the same period last year.
Likewise, 72.8 percent or AZN 4 billion ($2.3bn) of the state budget expenditures were spent on current expenditures, 20 percent or AZN 1.1 billion ($647M) on capital expenditures, and 7.2 percent or AZN 397.5 million ($233.8M) on public debt and obligations on service-related expenditures.
Thus, state budget revenues amounted to AZN 5.7 billion ($3.3bn), while the state budget expenses to AZN 5.5 billion ($3.2bn), resulting in a surplus of AZN 212.7 million ($125.1M) in the first quarter of 2021.
Additionally, consolidated budget revenues amounted to AZN 6.9 billion ($4bn) in January-March 2021, which is by 26.5 percent more than in the same period of 2020.
Meanwhile, consolidated budget expenditures were executed by AZN 5.9 billion ($3.4bn) which is by 3.6 percent more than in the first quarter of last year. Thus, the surplus of the consolidated budget amounted to AZN 1 billion ($588.2M).
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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