Mikayil Jabbarov: Private sector accounts for over 80% of taxes

The private sector accounts for more than 80% of the taxes collected in Azerbaijan, Minister of Economy Mikayil Jabbarov said in a video address to the conference themed "Heydar Aliyev and the development of entrepreneurship in Azerbaijan" organized by the Ministry, the Small and Medium Business Development Agency (SMBDA) under the Ministry, and the National Confederation of Entrepreneurs (Employers) Organizations, Report informs.

“In 2022, tax revenues to the state budget increased by 82% and amounted to 15.5 billion manats ($9.1 billion). This is an absolute record amount during our independence,” Jabbarov stressed.

“Positive trends in the development of Azerbaijan's economy are increasing. In 2022, the country's gross domestic product (GDP) increased by 4.6% to 133.8 billion manats ($78.6 billion), with non-oil and gas sector growing by 9.1% to 69.8 billion manats ($41 billion). A significant increase was recorded in several areas of the non-oil and gas sector in the GDP. During 2022, the foreign trade turnover increased by more than 55% to $52.6 billion (exports surged 71.8% to over $38 billion). As a result of measures aimed at diversifying the economy and increasing the export potential, the export of non-oil products soared 12.3% to more than $3 billion,” the minister said.