Azerbaijan’s state budget revenues to grow by almost 4% in 2022

In 2022, Azerbaijan’s state budget revenues and expenditures are expected to be 26,407 billion manats ($15.54 billion), and 28,974 billion manats ($17.05 billion), respectively, Report informs, citing the Azerbaijani Finance Ministry.

These figures are 3.8% and 1.5%, respectively, more than the approved forecasts for 2021.

As a result, the state budget will have a deficit of 2.567 billion manats ($1.51 billion).

According to the ministry, 52.4% of budget revenues will fall to the oil sector and 47.6% to the non-oil sector. As much as 85.7% of oil revenues will be provided by transfers from the State Oil Fund (SOFAZ), and 14.3% will come from the oil sector revenues through the tax authorities.

Current expenditures will account for 68.7% of budget expenditures, capital expenditures will take 24.7%, and 6.6% will be the expenditures related to public debt and other obligations.