Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget are expected at the level of 6.1 billion manats in 2017, dwon by 1.515 billion manats (19.9%) YoY, according to the presentation of the state and consolidated budget projects for 2017.
According to the project, SOFAZ’s revenues are forecast at the level of 8.37 billion manats in 2017, up by 4.89 billion manats (2.4 times) YoY.
Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017, down by 34.6% (3.685 billion manats) YoY.
Some 87.8% (6.1 billion manats) of SOFAZ’s expenses will be transferred to the state budget, 11.8% (822 billion manats) will be directed for financing of a number of infrastructure projects and 29.3 million manats (0.4%) will be transferred for financing of the education of Azerbaijani youth abroad.
According to the forecasts, the GDP volume on oil sector will increase by 1.2% in 2017 and will be 19.74 billion manats, while the volume of value added production in non-oil sector will increase by 0.4% YoY and is expected at the level of 41.68 billion manats.
The share of oil sector in GDP is forecast at the level of 32.1% for 2017 compared to 28.3% in 2016. (Trend/Business World Magazine)
