Today.Az » Business » Azerbaijan boosts non-oil revenues by 16.3 pct
17 January 2020 [17:10] - Today.Az
By Abdul Kerimkhanov
The volume of Azerbaijan’s non-oil revenues increased by 16.3 percent year-on-year in 2019, amounting to 10.59 billion manats ($6.23 billion).
According to the Ministry of Finance's operational data published on January 15, the overall state budget revenues amounted to 24.2 $14.23 billion) in the reporting period (revenue growth compared to 2018 by 7.5 percent).
State budget revenues for 2019 were approved in the amount of 23.17 billion manats ($13.6 billion), expenses - 25.19 billion manats ($14.8 billion). The state budget deficit was forecasted at 2.22 billion manats ($1.3 billion).
Revenues from the Ministry of Taxes amounted to 7.67 billion manats ($4.5 billion, an increase of 3.5 percent compared to 2018), while revenues from the State Customs Committee made up 4.4 billion manats ($2.6 billion, an increase of 28.4 percent).
Transfers to the state budget from the State Oil Fund amounted to 11.36 billion manats ($6.68 billion), other income - 164.5 million manats ($96.8 million), off-budget revenues of budgetary organizations - 590.1 million manats ($347.1 million).
In the fourth quarter, the state budget revenues totaled 7.33 billion manats ($4.3 billion).
State budget expenditures for 2019 made up 24.4 billion manats ($14.35 billion, an increase of 7.4 percent).
The deficit of the state budget of Azerbaijan in 2019 totaled 205.2 million manats ($120.7 million). Thus, the state budget deficit for 2019 amounted to 0.84 percent ??of expenses.
Current state budget expenditures for 2019 made up 13.5 billion manats ($7.9 billion) or 55.4 percent of all state budget expenditures, capital - 9.37 billion manats ($5.5 billion or 38.4 percent of all expenses), expenses on servicing the public debt and obligations - 1.5 billion manats ($880 million or 6.2 percent of total expenses).
In October-December, budget expenditures amounted to 7.7 billion manats ($4.53 billion).
As said in the report, revenues of the consolidated budget of Azerbaijan for 2019 amounted to 33.8 billion manats ($19.9 billion, an increase of 9.4 percent), expenses - 26.47 billion manats ($15.6 billion), a surplus of 7.34 billion manats ($4.3 billion or 21.7 percent of the consolidated budget revenues.
Presently, oil and gas account for the main share in Azerbaijan's export, although export of non-oil products shows an upward trend.
Opening of Azerbaijani trade houses abroad and organization of export missions to foreign countries to promote the Made in Azerbaijan brand in foreign markets have further developed the share of non-oil products in the structure of country’s exports.
Work done for diversification of the economy and the state program “Socio-economic development of regions of Azerbaijan in 2014-2018” have contributed greatly to the non-oil sector, because main potential for production of non-oil products is concentrated in the regions.
In addition, increasing number of plants operating in the non-oil sector promises very good prospects for Azerbaijan to diversify its economy, reduce dependence on oil and gas sector and increase the inflow of foreign currency into the country.