Azernews.Az

Revenues of Azerbaijan's 2012 state budget are projected at 16.436 billion manats ($20.805 billion), while expenses – at 16.984 billion manats ($21.498 billion), according to the draft budget discussed in a government meeting on Wednesday.

Budget revenues are expected to grow 5.67 percent next year in comparison with the forecasts for 2011, while the expenditure growth is predicted at 6.5 percent.

Budget deficit is projected at 548 million manats ($693 million), or 1.3 percent of the projected GDP for next year.

The draft state budget, as well as the concept of socio-economic development for 2012 and the following three years, were discussed at the Cabinet of Ministers meeting chaired by Prime Minister Artur Rasizada. Following the discussions, a decision was made to submit the budget package to President Ilham Aliyev for consideration.

According to the projections on key economic indicators, the rate of real GDP growth is projected at 5.7 percent in 2012, while non-oil GDP is expected to grow 8.6 percent, and inflation is to make up 6 percent. World crude prices are set at $80 a barrel in the state budget. The country's GDP is forecast at 43.5 billion manats (around $55 billion).

Revenues of the 2011 budget are forecast at 15.554 billion manats, a 36.4 percent increase compared to 2010.

Budget expenditures are projected at 15.941 billion manats, an increase of 35.5 percent compared to 2010.

Budget deficit in 2011 is expected to make up 387 million manats, or 0.9 percent of the GDP.