Azerbaijan has highest budget expenditure growth rate in CIS

The share of investment expenditure in the structure of the state budget expenditure will be reduced in the next few years, Azerbaijani Deputy Finance Minister Azer Bayramov said at the international workshop "Public Sector Accounting" within the "Pem PAL" program today, Trend reports.

"Around a half of the state budget expenditure has recently fallen to investment expenditure," he said. These funds are transferred to support current projects and increase current costs. However, the share of investment expenditure will be reduced in the future and the current budget will be increased."

He said that the country's state budget has recently increased and the budget parameters exceed 30 percent of GDP.
Chairman of the parliamentary committee on economic policy Ziyad Samadzade also spoke at the workshop. The level of budget parameters - 32-34 percent of GDP - is a positive sign.

"Azerbaijan has the highest rates of growth of budget expenditures among the CIS countries," Samadzade said. "Despite Azerbaijan's GDP per capita isbeing at a high level - around $9,000 - there are some areas that need development. These rates of expenditure allow the gap in these areas to be eliminated."

State investments in the state budget hit 6.915 billion manats in 2013, or 34.9 percent of all state budget expenditures. They will increase by 1.141 billion manats, or 19.8 percent compared to the predicted data as of late 2012 and by 1.063 billion manats, or 18.2 percent compared to the actual indices in 2011.