Baku, Azerbaijan, May 15
By Ilkin Shafiyev - Trend:
Azerbaijan’s state budget for 2018 may be deficit-free, Azerbaijani MP, doctor of economic sciences Rufat Guliyev told Trend.
“Three factors make it possible to say that Azerbaijan’s state budget will be deficit-free,” he said. “Firstly, the GDP growth rates of Azerbaijan in the first quarter of this year exceeded expectations. Secondly, the revenues to the country’s budget were higher than projected, which is also related to the development of the non-oil sector. Thirdly, the fact that oil prices broke records of the past few years naturally affects the overall financial situation in the country.”
On May 14, the price for Brent crude exceeded $78 per barrel for the first time since November 26, 2014.
Guliyev noted that revising the state budget may be discussed by mid-2018.
Revenue part of the 2018 state budget is forecast to total 20.127 billion Azerbaijani manats (including centralized revenues in the amount of 19.473 billion manats, local revenues in the amount of 653.353 million manats), while expenditures are expected to amount to 21.047 billion manats (including centralized expenditures in the amount of 20.323 billion manats, local expenditures in the amount of 723.925 million manats).
Azerbaijan’s GDP in the first quarter of 2018 amounted to almost 17.2 billion manats, which is 2.3 percent more than in January-March 2017, according to a report of Azerbaijan’s State Statistical Committee.
The Azerbaijani government forecasts a 1.5 percent GDP growth for this year. This is while the World Bank forecasts Azerbaijan’s GDP to grow 1.8 percent, the EBRD - 2.5 percent, and the IMF - 4 percent.
---
Follow the author on Twitter: @IlkinShafiyev
