Friday, 29 November 2019 12:46

Next year state budget passed

The draft law “On the state budget of the Azerbaijan Republic for 2020” and other documents, included into the budget package and approved by the Parliament in the first reading, have been traditionally oriented towards the social sphere, Caspian Energy News reports, citing Fins.az.

Revenues and expenditures of the consolidated budget for 2020 are estimated at 27 billion 552 million AZN and 29 billion 488 million AZN respectively.  Budget deficit reduced by 19 million and totaled 1 billion 936 million AZN. Revenues of the state budget have been contracted down to 24 billion 134.5 million AZN. Expenditures shall total 26 billion 894.7 million AZN. 

Mandatory medical insurance will be introduced the next year.

According to experts, the growth of the real GDP is expected to accelerate in coming year. Besides, the maintenance of the dominant position of the non oil sector shall increase both revenues and expenditures in coming three years. In general, the parameters of the state budget for 2020 are expected to be the highest in manats over the years of independence.

In the opinion of other experts, the oil sector will grow faster next year against the background of the high oil sector share in the state budget revenues. It led to the first estimate of this sector’s revenues at around 11 billion AZN. 

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