The 2018 State Budget Project of Azerbaijan: From Consolidation to High Spending?

The 2018 State Budget Project of Azerbaijan: From Consolidation to High Spending?

The legislative project on the state budget of the Republic of Azerbaijan for 2018 and the state and consolidated budget projects of 2018 were publicized on 19th of October, 2017 according to the legislation on the Budget system. The main challenges facing the economy of Azerbaijan is its huge reliance on the oil sector for state revenue that, in turn, depends on the price of oil and trends on global oil markets. Taking 2014 as an example, which saw a sharp drop in the price of oil, the economy of Azerbaijan contracted. It is worth nothing that following the slumps in oil price, GDP growth of Azerbaijan steadily declined, eventually reaching -3,1% in 2016, the first negative growth rate Azerbaijan has seen since 1995. Revenues of the 2018 budget are estimated to be 20.13 billion manats ($11.84 billion dollars US). For 2018 budget revenues are estimated to be more than 24% compared to the revenues of 2017.

Download Full Paper Here

Leave A Comment