13:22 - 21.11.2017

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November 21, Fineko/abc.az. Azerbaijan's Finance Minister Samir Sharifov has read out the Draft State Budget for 2018 at the Parliament.

Minister Sharifov stated that for the first 9 months of 2017, compared to the 2016 same term, the pace of decline in the economy reduced from 3.5% in early 2017 to 0.6%.

"Since the beginning of the year the nonoil sector has shown the real growth of 2.5%. A positive balance of $4.4 bn is observed in the external trade turnover due to state financial aid, economical use of foreign exchange reserves, growth of foreign exchange inflows through external commercial relations and other fiscal and monetary measures. For the past 9 months the consolidated budget deficit decreased and surplus of 1.2% was ensured instead of 11.3% of deficit,” the minister said.

He added that foreign exchange reserves of the public sector increased by more than 10%.

"State Budget revenues for 2018 are forecasted at the level of $20.127 bn that makes 29% of GDP. The Ministry of Taxes is expected to transfer AZN 7.907 bn to the State Budget in 2018, the State Customs Committee AZN 2.43 bn and the State Oil Fund of Azerbaijan AZN 9.216 bn,” the minister underlined.

According to Sharifov, the price of oil in the State Budget 2018 is set at the level of $45 that is by 12.5% or $5 more than this year. Budget spending in 2018 will total AZN 20.906 bn and up to 30.1% of GDP. The budget deficit will amount to AZN 778.7 million. Consolidated budget revenues for 2018 are projected at the level of AZN 23.2 bn and expenditures AZN 26.67 bn,” the minister said.