The Opinion of the Chamber of Accounts of the Republic of Azerbaijan on draft Law of the Republic of Azerbaijan ‘On state budget of the Republic of Azerbaijan for 2019’
As to the information provided in ‘Budget parckage’ the GDP as the generalized macroeconomic indicator for 2019 forecasted as 81955,1 mln. manats, and this is 3.6 percent real growth in comparison with with the same period of the previous year.
The forecasts provided by Asian Development Bank assumes real growth rate as 2.0 percent on the country for 2019.
The draft Law of the Republic of Azerbaijan ‘On state budget of the Republic of Azerbaijan for 2019’ forecasts the revenues of the state budget as 22917,5 mln. manats and this is 6400,8 mln. manats or 38.8 percent more than the execution rate of 2017 and 768,5 mln. manats or 3.5 percent more than the forecasting indicator of 2018. The ration of state budget revenues to GDP in the next year forecasted 28.0 percent.
The state budget expenditures in 2019 being 24780,1 mln. manats was forecasted 7185,6 mln. manats or 40,8 percent more in comparison with the execution rate of 2017, and 1680,1 mln. manats or 7.3 percent in comparison with 2018 forecasting. The ratio of state budget expenditures to GDP in 2019 was forecasted as 30.2 percent.
The upper limit of state budget deficit was defined as 1862,6 mln. manats, and this is 784,8 mln. manats or 72.8 percent more than the state budget actual deficit of 2017 and 911,6 mln. manats or 95.9 percent more thatn the forecasted state budget deficit of 2018. The draft law states the source of financing of state budget deficit as the receivables from privatization, other sources (domestic and foreign debts), as of 1 January of 2019 year, due to the balance of the single state treasury account of state budget. The ratio of state budget deficit to GDP in 2019 was considered as 2.3 percent.