State budget revenues hit $15.4bn
By Ayya Lmahamad
Azerbaijan's state budget revenues in 2021 totaled AZN 26.3 billion ($15.4 billion), exceeding the forecast (AZN 25.4 billion ($14.9 billion)) by 3.8 percent, or AZN 968.5 million ($569.7 million), the Finance Ministry has reported.
In comparison to 2020, state budget revenues increased by AZN 1.7 billion ($999.9 million), or 6.9 percent.
Revenues from the non-oil sector totaled AZN 12.8 billion ($7.5 billion), up AZN 1.2 billion ($705.8 million) or 10.4 percent from forecasted levels and AZN 2.1 billion ($1.2bn) or 20.4 percent from 2020 levels.
The state budget received AZN 8.5 billion ($4.9 billion) from tax authorities, which is AZN 1.2 billion ($705.8 million) or 17.7 percent more than the forecast and 15.5 percent more than in 2020.
At the same time, the state budget received AZN 4.3 billion ($2.5 billion) from customs bodies, which is AZN 443 million ($260.5 million) or 11.4 percent more than forecasted and 10.3 percent more than in 2020.
The Azerbaijan State Oil Fund transferred AZN 11.3 billion ($6.6 billion) to the state budget, compared to a forecast of AZN 12.2 billion ($7.1 billion).
Furthermore, the country's state budget expenditures reached AZN 27.4 billion ($16.1 billion), an increase of AZN 996.2 million ($586 million) or 3.8 percent over 2020. It should be noted that the state budget expenditure forecast was met by 96 percent.
Some AZN 16.5 billion ($9.7bn) was accounted for current expenditures (a decrease of AZN 68.6 million ($40.3m) or 0.4 percent compared to 2020), AZN 8.6 billion ($5bn) was accounted for capital expenditures (an increase of AZN 592.2 million ($348.3m) or 7.4 percent), and AZN 2.1 billion ($1.2bn) was accounted for servicing public debt and liabilities (increase by AZN 472.6 million ($277.9m) or 27.4 percent).
Simultaneously, AZN 10.2 billion ($5.9 billion) was allocated to finance social expenditures, an increase of AZN 642.9 million ($378.1m) or 6.7 percent over 2020.
Although the state budget deficit for 2021 was forecasted to be AZN 3.1 billion ($1.8 billion), the actual deficit was AZN 1 billion ($588.2 million), which was AZN 2 billion ($1.1 billion) or 67.4 percent less than predicted.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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