“Revenues of consolidated budget for 2020 are forecasted at AZN 27,533,000,000. Upper limit of the expenditures of consolidated budget will be AZN 29,488,000,000, up AZN 2,117,000,000 or 7.7% from 2018,” Finance Minister Samir Sharifov said at the plenary meeting of the Azerbaijani Parliament, Report informs.

According to him, deficit of consolidated budget is expected to be AZN 1,955,000,000 or 2.3% of GDP: ‘Revenues of 2020 state budget will be 29% of GDP or nominally AZN 24,135,000,000, up AZN 967 million or 4.2% from current year’.

The minister noted that oil revenues will be 56.1% or AZN 13.5 billion, non-oil revenues – 43.9% or AZN 10.6 billion: “Compared to the current year, the share of oil revenues dropped by 3 percentage points, non-oil revenues rose by 3 percentage points. AZN 7,875,000,000 is planned to be transferred to the state budget through tax authorities, which is AZN 559 million or 7.6% more than 2018. Customs authorities are expected to transfer AZN 4 billion to the budget, up AZN 298 million or 8% from this year. Transfers from SOFAZ will drop AZN 14.3 million to AZN 11,350,000,000.”

Sharifov noted that expenditures of 2020 state budget are forecasted to make up 32.3% of GDP or AZN 26,914,000,000, which is AZN 1,724,000,000 or 6.8% more than 2018.