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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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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