13% Rise in Iran Government Budget Last Year

EghtesadOnline: The government’s total revenues and spending in the last Iranian year (ended March 20, 2018) stood at 3,200 trillion rials ($76.19 billion), registering a 13% rise compared with the year before, a preliminary report by the Management and Planning Organization of Iran reads.

News ID: ۷۴۵۱۹۹

21 April 2018

Last year’s revenues fell in the neighborhood of 1,675 trillion rials ($39.89 billion), about 5% bigger than the government’s proposed budget bill and 8.3% less than the budget law ratified by the parliament, IRNA reported.

Tax and customs duties earned the government over 1,156 trillion rials ($27.52 billion), 14% more than the year before, to become the main source of government revenues, besides oil and sales of capital and financial assets.

Tax revenues grew by 2% compared with government’s proposed bill to stand at 1,127 trillion rials ($26.83 billion) while they were 0.7% less than parliament’s projected figure, according to Financial Tribune.

The government’s budget writers had estimated that each barrel of oil would sell for $50-55 last year. Iran’s crude oil prices and gas condensates averaged at $53-55 per barrel in the 11 months to Feb. 19.

Sales of natural resources (including petroleum products) stood at over 922 trillion rials ($21.95 billion) last year, registering a 24% increase compared with the year before while they were 79.4% less than what the government had projected in the budget bill and 77.4% less than the budget law.  The sales of financial assets, including treasury bonds, were 4.5% less than the year before to stand at 628 trillion rials ($14.95 billion).