Successful strategy of Azerbaijani President Ilham Aliyev made it possible to achieve the goals of the country’s economic development, Speaker Ogtay Asadov said Nov. 13 at a plenary session of the Azerbaijani parliament.
Growth was recorded on all macroeconomic indicators in Azerbaijan for the first nine months of 2018, he said.
Asadov noted that during this period, international foreign exchange reserves increased by $3 billion, reaching $45 billion.
“The income growth of the population exceeded inflation, which is one of the main indicators for improving the social situation,” he said. “The budget package for 2019 reflects dynamic indicators in the life of the country. Some 42 percent of budget expenditures will be allocated for target programs, which is more by 2.077 billion manats in comparison with 2018.”
The speaker added that the state budget of Azerbaijan for 2019 will remain socially oriented.
“Some 32 percent of budget expenditures are socially directed expenditures,” he said. "One of the most interesting points is related to the funds allocated for the protection of public health. Funds to be allocated to the healthcare sector will increase by 309 million manats or 32 percent compared to the current year. In connection with the application of compulsory medical insurance, it is additionally provided to allocate 223 million manats. All this suggests that the protection of public health is one of the priorities of the state.”
He stressed that in 2019, expenditures on education will increase by 11 percent compared to this year, reaching 2.275 billion manats.
“A perfect budget package has been prepared,” he said. “According to the forecast indicators, economic growth will also continue next year. Next year, GDP growth is projected at 3.6 percent.”
On Nov. 13, Azerbaijani parliament started discussing state budget for 2019.
The revenues of the 2019 state budget of Azerbaijan are projected at 22.917 billion manats, including centralized revenues at 22.18 billion manats and local revenues at 736.766 million manats, while the expenses are expected at 24.78 billion manats, including centralized expenses at 23.939 billion manats and local expenses at 840.812 million manats.
The forecast for the oil price, indicated in the 2019 state budget for calculating oil revenues, is $60 per barrel.
Some 59.8 percent of the forecast state budget revenues or 13.7 billion manats will account for the oil sector, and 40.2 percent or 9.217 billion manats will account for the non-oil sector.
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