Azerbaijan’s Parliament adopts law on executing last year’s state budget

The draft law "On the execution of the state budget for 2021" was adopted in the second reading at the plenary session of the Azerbaijani Parliament held on June 17.

When adopting the state budget for 2021, it was predicted that revenues would amount to 25.427 billion manats ($14.957), expenditures – 28.543 billion manats ($16.79 billion), deficit – 3.116 billion manats ($1.833 billion), GDP growth rate - 3.4 per cent, non-oil sector growth rate - 3,1 per cent, inflation - 3.7 per cent, the price of 1 barrel of oil - $45. However, the easing of the quarantine regime last year affected these indicators, according to Report.

In the reporting year, revenues to the state budget amounted to 26.396 billion manats, an increase of 969 million manats ($570 million) or 3.8 per cent against the forecast. Budget revenues in the non-oil sector amounted to 12.86 billion manats ($7.56 billion), which is 10.4 per cent more than the forecast.

The state budget expenditures for 2021 were fulfilled at the level of 96.1 per cent compared to the forecast or in the amount of 27.422 billion manats ($16.13 billion).

Last year's consolidated budget revenues were executed by 33.904 billion manats ($19.94 billion) against the forecast of 23.828 billion manats ($14.016 billion). The expenditures of the consolidated budget were made at the level of 29.991 billion manats ($17.641 billion).

Last year, the volume of GDP grew by 5.6 per cent, while the inflation rate was 6.7 per cent.