The share of private sector in GDP declined from the beginning of the year by 2.5% and amounted to 82.5% on July 1.
According to the Ministry of Economy and Industry of the pace of development of entrepreneurship, the private sector has provided for the period 72.4% of tax revenues to the state budget (3 billion 578,600,000 manat), and its share in industrial production amounted to 80.3%. In addition, nearly three-quarters (73.9%) of the employment are on account of the private sector. Note that in Azerbaijan the privates also include all the major corporations in oil and gas, including BP.
Recall that as of 1 July, the number of business entities (potential employers), regardless of the form of ownership was 579,002 units. More than a third (37.4%) of entrepreneurs is concentrated in Baku, while the others are in the regions.
Most of them (84.3%) are individual entrepreneurs with the status of an individual. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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