Minister: GDP rate of non-oil sector up by 7 pct

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the rate of gross domestic product (GDP) of the non-oil sector grew by more than 7 percent in 2021, in spite of the ongoing pandemic.

"Such a growth during a post-war period is a great achievement. Last time the similar figures were achieved in 2014," the minister wrote on his official Twitter page.

Jabbarov also noted that Azerbaijan's nominal GDP reached AZN 93 billion ($54.7bn), which is by AZN 11 billion ($6.4bn) more than in 2019.

"Although the GDP decreased in 2020 due to the pandemic, last year's GDP increased, compared to 2019 figures," he said.

Jabbarov also tweeted that tax revenues increased by 15.5 percent and amounted to AZN 8.5 billion ($4.9bn), whilst the forecast was fulfilled at 117.7 percent.

At the same time, tax revenues from the non-oil sector increased by 13.5 percent, and amounted to AZN 6.4 billion ($3.7bn). In this context, the forecast was fulfilled at 112.2 percent.

Moreover, the minister mentioned that the tax revenues from the private sector increased by 24 percent to AZN 6.9 billion ($4bn), in 2021.

"Revenues from the private entities of the non-oil sector increased by 20.3 percent to AZN 4.8 billion ($2.8bn), and the share in total non-oil revenues increased to 75.5 percent," he said.

In 2021, revenues from compulsory state social insurance increased by 8 percent and exceeded AZN 3.8 billion ($2.2bn), whilst the forecast was fulfilled at 109.9 percent, Jabbarov added.

"Positive dynamics was also registered in non-budget organizations. Revenues from compulsory state social insurance in this sector increased by 15.3 percent and exceeded AZN 2.4 billion ($1.4bn), and the forecast was fulfilled by 113.2 percent," he said.

Earlier, Jabbarov stated that  Azerbaijan's real GDP increased by 5.6 percent in 2021. In addition, the non-oil sector increased by 7.2 percent last year.