State budget surplus hits $164.5m in 1H2021

Azerbaijan’s state budget surplus amounted to AZN 164.5 million ($96.7M) during the period of JanuaryJune 2021, the Finance Ministry has reported.

In the first half of the year, state budget revenues amounted to AZN 12.6 billion ($7.4bn), while expenditures to AZN 11.5 billion ($6.7bn).

The State Tax Service under the Economy Ministry transferred AZN 4.3 billion ($2.5bn) to the state budget, which is by 24.4 percent more than forecasted and by 8.4 percent more than in the same period of 2020.

Some AZN 3.1 billion ($1.8bn) of these funds fall on the share of revenues from the non-oil sector, which is by 9.5 percent more than during the corresponding period of last year.

Moreover, the State Customs Committee transferred AZN 2 billion ($1.1bn) to the state budget, which is by 14.6 percent more than forecasted and 0.9 percent more than in the first half of 2020.

Transfers from the State Oil Fund of Azerbaijan to the state budget amounted to AZN 4.6 billion ($2.7bn) which is by 23 percent less than forecast.

Likewise, during the reported period, 66 percent or AZN 7.6 billion ($4.4bn) of the state budget expenditures were spent on current expenditures, 26.4 percent or AZN 3 billion ($1.7bn) on capital expenditures and 7.6 percent or AZN 883.5 million ($519.7M) on public debt and obligations on service-related expenditures.

During the reported period, 44.1 percent or AZN 5.1 billion ($2.9bn) of the state budget expenditures were allocated to finance social expenditures, which is by 2.6 percent more than in the same period of last year.

Additionally, consolidated budget revenues amounted to AZN 15.3 billion ($8.9bn) in January-June 2021, which is by 23.9 percent more than in the corresponding period of 2020. Meanwhile, consolidated budget expenditures were executed by AZN 12.7 billion ($7.4bn). Thus, the surplus of the consolidated budget amounted to AZN 2.5 billion ($1.4bn).