Consolidated budget posts AZN 1.3bn surplus in 3Q16
Azerbaijan’s consolidated budget revenues were up 38.4% y/y to AZN 5.7bn, while expenditures were down 7.2% y/y to AZN 4.4bn, resulting in AZN 1.3bn surplus in 3Q16, compared to AZN 0.6bn deficit in the same quarter of the previous year. Better than expected performance in 3Q16 was driven by a 76.4% y/y increase in SOFAZ revenues and 83.4% y/y increase in Customs Committee receipts.
In US$ terms, however, revenues were down 9.5% y/y to US$ 3.5bn, while expenditures were down 39.3% y/y to US$ 2.7bn, resulting in US$ 0.8bn surplus in 3Q16.
In 9M16 revenues were up 13.7% y/y to AZN 15.0bn, while expenditures were down 13.8% y/y to AZN 12.6bn, resulting in AZN 2.3bn surplus, compared to AZN 1.5bn deficit in 9M15.
SOFAZ reserves up 3.1% y/y to US$ 35.8bn in 3Q16
SOFAZ revenues were up 76.4% y/y to AZN 2.6bn, while expenditures were down 33.5% y/y to AZN 1.6bn, resulting in AZN 1.1bn surplus in 3Q16. In US$ terms, revenues were up 15.4% y/y to US$ 1.6bn, while expenditures were down 56.5% y/y to US$ 1.0bn, leading to US$ 0.7bn surplus. As a result, SOFAZ reserves increased 3.1% y/y to US$ 35.8bn in 3Q16.
Inflation rate at 14.2% y/y in September 2016
Annual CPI inflation rate accelerated further to 14.2% in September 2016 from 12.0% in the previous month, according to AzSTAT. In September, food prices were up 17.2% y/y (+3.8ppts m/m), non-food prices were up 18.4% y/y (+1.7ppts m/m), and service sector prices were up 7.0% y/y (+0.6ppts m/m).
SOCAR’s tax payments down 12.5% y/y in September 2016
SOCAR’s tax payments to the state budget were down 12.5% y/y to AZN 119.4mn in September 2016, according to SOCAR. Its payments to the State Social Protection Fund were up 8.7% y/y and reached AZN 12.9mn.
In 9M16, SOCAR’s tax payments were down 9.7% y/y to AZN 1.0bn, while payments to the State Social Protection Fund were up 2.8% y/y to AZN 107.2mn.
