Opinion on draft state budget for 2018

Opinion of the Chamber of Accounts of the Republic of Azerbaijan on draft Law of the Republic of Azerbaijan on “The State Budget of the Republic of Azerbaijan for 2018”

 

According to the publication of the World Bank, Global Economic Prospects issued in June,2017 expected real growth rate for Azerbaijan is forecasted to be 1.4% in 2017 and 0.6% in  2018.

 

“World Economic Outlook”, published by International Monetary Fund in October,2017 forecasts the real growth rate of Gross Domestic Product  to be 1% in 2017 and in ratio of  1,3% in 2018.

 

According to the data in the “Budget Package” gross domestic product volume for 2018 is forecasted to be 69395,4 mln AZN with 1.5% real growth rate. The volume of value added in the oil sector is forecasted  with 1.0% decline and in non-oil sector 2.9% real growth rate for 2018.

 

 20127,0 mln AZN. It increased by 3361.0 mln AZN or 20,0% compared to approved forecast for 2017 and 2621,2 mln AZN or 15% in comparison with actual performance indicator for 2016. The ratio of gross domestic product to the state budget revenues for 2018 is projected to be 29.0%.

 

The state budget expenses for 2018 are projected to be 20905,7 million AZN. It increased by 2964,7 mln AZN or 16,5% compared to 2017 and 3154,4 million AZN or 17,8% in comparison with actual performance of 2016. The ratio of gross domestic product to the state budget expenses for 2018 is forecasted to be 30.1%.

 

Opinion of the Chamber of Accounts of the Republic of Azerbaijan on draft Law of the Republic of Azerbaijan on “The State Budget of the Republic of Azerbaijan for 2018”