Azerbaijan's 2012-state budget projections presented to Cabinet

The Azerbaijani Finance Ministry has submitted a draft of the state and consolidated budgets for 2012 to the Cabinet of Ministers, along with indicators of the consolidated budget for the subsequent three years, the ministry reported.

Based on the law "On Budget Systems," the state draft and consolidated budgets should be submitted to the Cabinet no later than Sept. 15. Parameters of the 2012-budget have not yet been announced.

Under amendments to the 2011 state budget, the budget revenue forecast increased from 12.061 billion manat to 15.554.2 billion manat (an increase of 3.493.2 billion manat or 29 percent), which means a 36.4 percent increase (4.151.2 billion manat) compared to the actual index of 2010. The share of budgetary revenues in GDP is expected to increase up to 34.7 percent by late 2011, exceeding the forecast by 4.7 percent and the actual rate of growth for 2010 by 7.3 percent.

Budget expenditures are projected at 15.941.2 billion manat (an increase of 3.193.2 billion, or 25 percent), which means a 35.5 percent increase compared to the actual index of 2010.
The budget deficit is projected at 387 million manat, or 0.9 percent of GDP.


/Trend/