Azerbaijan's state budget deficit forecast at around 2.8% of GDP in 2015

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Azerbaijan's state budget deficit forecast at around 2.8% of GDP in 2015

BAKU. Oct 14 (Interfax) - Azerbaijan's draft budget for 2015 envisages a deficit of 1.66 billion manat, or 2.77% of GDP, the Finance Ministry said on its website.

The draft budget projects revenue of 19.44 billion manat in 2015, up 5.7% on 2014, and spending of 21.1 billion manat, up 5.2%.

The 2015 budget is based on an average oil price of $90 per barrel.

Azerbaijan's budget for 2014 forecasts revenue of 18.38 billion manat and spending of 20.06 billion manat. The deficit is projected at 1.68 billion manat, or 2.87% of GDP.

The official exchange rate on October 14 stood at 0.7843 manat/$1.