Azerbaijan had budget deficit of 1% of GDP in 2022

BAKU. Jan 23 (Interfax) - Azerbaijan had a state budget deficit of 1.403 billion manat or 1% of GDP in 2022, the Finance Ministry said.

Budget revenue was 30.661 billion manat, up 16.2% or 4.264 billion manat from a year previously.

Expenditure was 32.063 billion manat, up 4.641 billion manat or 16.9%.

Tax revenue rose 82.2% to 15.542 billion manat, and customs revenue was 5.655 billion manat, or 30.2% more.

Transfers from the State Oil Fund into the state budget totaled 7.923 billion manat.

Oil revenue was 15.382 billion manat and non-oil revenue 15.279 billion manat.

Current expenditure was 17.47 billion manat, up 6.9%, capital expenditure - 12.533 billion manat, up 45.1% and expenditure on foreign debt servicing - 1.79 billion manat, down 18.6%. Social spending grew 12.4% to 11.577 billion manat.

Budget revenue was 8.259 billion manat in Q4 2022 and spending was 11.592 billion manat.

The Finance Ministry said loans of 259.7 million manat, government borrowing of 976.3 million manat, privatization revenue of 115.4 million manat and other sources were used to cover the deficit.

Consolidated budget revenue was 42.29 billion manat and consolidated spending 35.061 billion manat for a consolidated surplus of 7.723 billion manat or 5.4% of GDP.

Approved state budget revenue for 2022 was 29.198 billion manat and expenditure 32.304 billion manat for a deficit of 3.106 billion manat or 2.7% of GDP.