TODAY.AZ / Business

Minister: Value added in non-oil industry up by 17.8 pct

22 January 2022 [10:35] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that the value added in the non-oil industry of Azerbaijan increased by 17.8 percent, in 2021.

"In 2021, the value added in the non-oil industry of Azerbaijan increased by 17.8 percent, and in the non-oil refining industry by 21.7 percent. The share of non-oil industry in non-oil GDP reached 9.6 percent in 2021, which is higher than in 2020 (8.5 percent) and 2019 (7.6percent)," Jabbarov tweeted.

Jabbarov also stated that VAT revenues from the non-oil sector increased by 17 percent, excises by 25 percent, and income tax revenues by 16.3 percent in 2021. He added that the highest growth rates in tax revenues in the non-oil sector were observed in public catering (84.1 percent), retail trade (53.7 percent), industry (29.2 percent), and the service sector (19.7 percent).

"One of the positive trends observed in the Azerbaijani economy in 2021 was the revival of consumer demand. The size of the consumer market in the country increased by 3.7 percent in real terms and reached AZN 53 billion," the minister wrote.

At the same time, he stated that since the beginning of income tax reforms in early 2019, there has been an increase of up to 283,000 in the total number of employment contracts, including an increase of more than 233,000 in the number of employment contracts in the non-oil private sector.

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.

URL: http://www.today.az/news/business/214736.html

Print version

Views: 497

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: