Azerbaijan state budget revenues were $ 20,1 billion

Azerbaijan state budget revenues were $ 20,1 billion

In 2011, revenues of the state budget increased by 37.7% and made up AZN 15.7 billion (($ 20, 1 billion) while the expenditures increased by 30.8% and totaled AZN15.4billion. The state budget was realized proficiently. The statement came from Economic Development Minister Shahin Mustafayev as the meeting of the Cabinet of Ministers on socio-economic development results in 2011 and tasks defined for 2012, chaired by President Ilham Aliyev, Gun.Az reports.

According to the Minister, the Taxes Ministry made 27.5% and the State Customs Committee 3.6% more contributions to the budget compared to the previous year. Tax incomings from the non-state sector increased by 40.5% and non-oil sector – by 22%: “The gross domestic product increased by 0.1 and eclipsed $ 7,000 per capita. The position of our country consolidated more in the list of countries having middle level of incomes”.

Mustafayev said the economic growth continued and new achievements were reached to speed up the development of the non-oil sector, expand the economy, develop entrepreneurship and region and increase popular welfare in 2011.

“The macroeconomic stability was maintained by keeping the average annual inflation in a single number and stability of manat. Proportionality of the foreign state dept to the GDP made 7.3% in accordance with international requirements and the strategic currency reserve eclipsed $40 billion”.

 

 

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