Minister: Private non-oil sector revenues up by 44.9 pct

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that the revenues from the private section of the non-oil sector increased by 44.9 percent and amounted to AZN 1 billion ($633.3m) in January-February 2022.

The minister added that tax revenues from the private sector, excluding taxes from subcontractors in the oil sector, increased by 51.9 percent to AZN 939.8 million ($552.8m).

"Positive dynamics was registered in the non-oil sector in the volume of investments in fixed assets," he added.

In this regard, Jabbarov stated that the growth rate of investment in this sector equaled to 12.1 percent in the first two months of the year.

"With the exception of AIOC, the growth rate of investments in private enterprises stood at 10.7 percent," he said.

Earlier the minister stated that tax revenues in Azerbaijan exceeded the forecast by 8.7 percent in the first two months of 2022. During the reported period, tax revenues increased by 25.2 percent compared to the same period n 2021 and amounted to AZN 1.8 billion ($1.07bn), and the forecast was fulfilled by 108.7 percent.

It should be noted that the country's GDP increased by 6.7 percent and amounted to AZN 12.4 million ($7.3m) during the reported period.

The task is set of sustainable diversification of the economy, and in this regard, it is planned to develop a concept that will contribute to the growth of non-oil exports. The volume of non-oil goods export is planned to double by 2025.