Azerbaijan's state budget surplus amounts to $171.1m in 2020

By Azernews

By Ayya Lmahamad

The volume of the state budget surplus amounted to AZN 291.9 million ($171.7M) in the first half of 2020, the Finance Ministry reported in its website on July 23.

According to the ministry reported, during the reporting period, the state budget revenues amounted to AZN 12 billion ($7.1bn), while expenditures amounted to AZN 11.7 billion ($6.8bn).

Thus, the state budget revenues increased by 2.9 percent against the forecast.

Moreover, the State Tax Service under the Ministry of Economy received AZN 4 billion ($2.3bn) to the state budget, which is by 8.9 percent more than forecast.

Some 72.4 percent or AZN 2.8 billion ($1.6bn) of these funds fall on the share of revenues from non-oil sector, which is by 14.5 percent more than in the same period of 2019.

The State Customs Committee allocated AZN 2 billion ($1.1bn) to the state budget in the first six months of 2020, which is by 5.1 percent more than the forecast.

Furthermore, transfers from the State Oil Fund of the Azerbaijan Republic to the state budget amounted to AZN 5.6 billion ($3.2bn), as envisaged in the forecast.

The forecast of state budget revenues for April-June 2020 is fulfilled for AZN 4.2 billion ($2.4bn).

Likewise, state budget expenditures, during the reporting period, were executed by 100.9 percent or AZN 1.1 billion ($647.1M) compared to the forecast, which is by 7.1 percent more than in the same period last year.

During the reporting period, 42.5 percent of the state budget expenditures or AZN 4.9 billion ($2.8bn) were spent on financing social expenditures, which is by 26.1 percent more than in the same period last year.

Moreover, 70.7 percent of the state budget expenditures were spent on current expenditures, 21.8 percent on capital expenditures and 7.5 percent on public debt and obligation on service-related expenditures.

State budget expenditures for April-June of 2020 were executed at AZN 6.4 billion ($3.7bn).

Thus, in the first six months of 2020, the state budget surplus amounted to AZN 291.9 million ($171.7M).

Additionally, the revenues of the consolidated budget for the first six months of this year amounted to AZN 12.3 billion ($7.2bn), which is by 29.7 percent less than for the same period last year.

Consolidated budget expenditures amounted to AZN 12.8 billion ($7.5bn), which is by 10.3 percent more than in the same period in 2019.

Thus, during the reporting period, the consolidated budget deficit amounted to AZN 513.9 million ($302.2M).