By Ayya Lmahamad
Azerbaijan's state budget revenues amounted to AZN 17.9 billion ($10.5bn) during the first nine months of the year, which is by 6.5 percent more than in the corresponding period of 2019, Finance Ministry has reported.
The State Tax Service under the Ministry of Economy transferred AZN 5.6 billion ($3.2bn) to the state budget, which is by 2.8 percent more than forecasted and by 1.1 percent more than in the same period of 2019.
Some 74.9 percent or AZN 4.2 billion ($2.4bn) of these funds fall on the share of revenues from non-oil sector, which is by 8.2 percent more than in the first nine months of 2019.
Moreover, the State Customs Committee transferred AZN 2.9 billion ($1.7bn) to the state budget, during the reporting period, which is by 1.1 percent more than the forecast.
Transfers from the State Oil Fund of Azerbaijan to the state budget amounted to AZN 8.8 billion ($5.1bn), as envisaged in the forecast.
Thus, the forecast of the state budget revenues for July-September is fulfilled for AZN 5.9 billion ($3.4bn).
Furthermore, during the reporting period, state budget expenditures, were executed by 98.6 percent or AZN 18.6 billion ($10.9bn) against the forecast, which is by 11.7 percent more than in the corresponding period of 2019.
During the reporting period, 38.5 percent or AZN 7.1 billion ($4.1bn) of the state budget expenditures were allocated to finance social expenditures, which is by 21.8 percent more than in the same period last year.
Likewise, 65.4 percent of the state budget expenditures were spent on current expenditures, 26.4 percent on capital expenditures and 8.2 percent on public debt and obligations on service-related expenditures.
State budget expenditures for July- September of 2020 were executed at AZN 6.9 billion ($4bn).
Thus, according to the results of the nine months of 2020, the state budget deficit amounted to AZN 677 million ($398M), which is by 41.4 percent less that the projected deficit.
The deficit was covered by proceeds from privatization, loans from abroad, domestic loans and the balance of the single treasury account.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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