Record-breaking indicators in non-oil sector – what is secret to success of Azerbaijan’s economic strategy?

By Trend Azerbaijan has made great strides in channeling oil revenues into the non-oil sector, Trend reports. The non-oil sector growth in Azerbaijan amounted to 20 percent in 2021, which is the record level in the history of the country’s independence. VAT receipts in the non-oil industry increased by 17 percent in 2021. The highest growth rates of tax revenues in Azerbaijan’s non-oil sector were recorded in catering – 84.1 percent, retail trade – 53.7 percent, industrial sector – 29.3 percent, and the service business – 19.7 percent in 2021. The value added in the non-oil industry of Azerbai…

Read More