Opinion of the Chamber of Accounts of the Republic of Azerbaijan on the draft law of the Republic of Azerbaijan "On Execution of the State Budget of the Republic of Azerbaijan for 2017" and the annual report on execution of the state budget
The real growth rate of the Azerbaijani economy in 2017, according to the data provided by the State Statistical Committee, was at 0.1 percent level. Economic processes in the world in the reporting year, as well as the increase in oil prices compared to the previous year, have not negatively affected the country's economy. GDP, which is the general indicator of the macroeconomic index in 2017 amounted to 70,135.1 mln. manat.
In 2017 state budget revenues amount to 16766,0 mln. against the forecast 16516,7 mln. manat or 98.5 percent which is 988995.4 thousand manats or 5.6% less compared to 2016. The state budget revenues ratio to GDP were 23.5 percent.
State budget expenditures in 2017 were 17941,0 mln. manats against the forecasted 17594.5 mln. manats or 346.5 mln. manat less or 98.1 percent executed, that is 156.8 mln manats or 0.9 percent less compared to 2016. The percentage of state budget expenditures to GDP was 25.1 percent when taking the interest rate to GDP.
The state budget deficit in 2017 was 1077794.0 thousand manats or 97206.0 thousand manats lower than the approved upper limit. According to the presented data, state budget deficit financing in 2017 was 106462.9 thousand manats from the privatization, 971331.1 thousand manats from other sources, including 384600.6 thousand manats from internal and external borrowing, 586730.5 thousand manats as of 1 January of 2017 year, due to the balance of the single state treasury account of state budget.
The Opinion of the Chamber of Accounts on draft Law of the Republic of Azerbaijan on “The execution of state budget of the Republic of Azerbaijan for 2017” and annual Report on execution of state budget.