Parliament approves 2009 budget
The Milli Majlis (Azerbaijani parliament) on Tuesday
passed the draft state budget for 2009.
A number of investment-related expenses have been reduced in light of the global financial crisis. Further, the legislature may amend the budget after discussions due next May, considering the developments ongoing in the world economy.
Budgetary revenues were set at 12.177 billion manats ($15 billion) in 2009, while expenses - at 12.355 billion manats ($15.25 billion). The figures show a 16.1% increase in revenues and 11.7% rise in expenses compared to 2008.
State investments, defense, education, social security, and healthcare are the priority areas for the government`s spending next year. Azerbaijan`s defense spending was set at over $2.4bn.
The share of social spending is high - 33%, or nearly $5 billion. The indicator is 24.4% over 2008.
The average monthly wage will be brought to 353 manats ($435) in 2009. The country`s Gross Domestic Product is expected to reach about $53 billion, or 18% over 2008. Inflation is predicted at 15% next year.
The oil price was estimated at $70 a barrel in the final budget draft.
The average subsistence minimum was estimated at 84 manats ($104). The figure makes up 92 manats ($113) for able-bodied citizens, 65 manats ($80) for pensioners, and 69 manats ($85) for children.
In 2008, the subsistence minimum in Azerbaijan was 64 manats ($79).
A number of investment-related expenses have been reduced in light of the global financial crisis. Further, the legislature may amend the budget after discussions due next May, considering the developments ongoing in the world economy.
Budgetary revenues were set at 12.177 billion manats ($15 billion) in 2009, while expenses - at 12.355 billion manats ($15.25 billion). The figures show a 16.1% increase in revenues and 11.7% rise in expenses compared to 2008.
State investments, defense, education, social security, and healthcare are the priority areas for the government`s spending next year. Azerbaijan`s defense spending was set at over $2.4bn.
The share of social spending is high - 33%, or nearly $5 billion. The indicator is 24.4% over 2008.
The average monthly wage will be brought to 353 manats ($435) in 2009. The country`s Gross Domestic Product is expected to reach about $53 billion, or 18% over 2008. Inflation is predicted at 15% next year.
The oil price was estimated at $70 a barrel in the final budget draft.
The average subsistence minimum was estimated at 84 manats ($104). The figure makes up 92 manats ($113) for able-bodied citizens, 65 manats ($80) for pensioners, and 69 manats ($85) for children.
In 2008, the subsistence minimum in Azerbaijan was 64 manats ($79).
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!