BAKU, Azerbaijan, Azerbaijan’s budget revenues increased by 61 percent in July on the back of oil and gas revenues, which doubled in nominal terms (yoy), the World Bank said in its Monthly Economic Update, Trend reports.

The report shows that this sharp rise was largely due to tax revenues from energy companies, including the profit tax from the Shah-Deniz natural gas field development.

SOFAZ transfers declined by 55 percent (yoy) in nominal terms in July. Non-oil and gas revenues picked up by 20.8 percent (yoy) in nominal terms, in line with robust growth in the non-oil sector. Budget spending increased by 14.6 percent in nominal terms (yoy) in July on the back of capital spending, which doubled in nominal terms compared to one year ago.

Current spending fell by 16 percent (yoy). The budget recorded a surplus of AZN 1.3 billion in July, which pushed the surplus in the first seven months of the year to an estimated 3.5 percent of GDP.

Source: TREND News Agency