Economy Minister: Non-oil sector drives growth in tax revenues

The share of Azerbaijan's private sector in non-oil and gas tax revenues has exceeded 77%, the country's Economy Minister Mikayil Jabbarov said during discussions on the draft law on the State Budget for 2026 at the Committee for Economic Policy, Industries and Enterprising of Azerbaijan's Milli Majlis.

Report quotes the minister as saying that in the first nine months of 2025, tax revenues from the private segment of the non-oil and gas sector increased by more than 10%, with the private sector's share surpassing 77%:

"What's particularly noteworthy is that we are not only ensuring overall economic growth through the non-oil sector, but also relying on it as the main source of increased tax revenues and fiscal burden. This is a key factor to consider when shaping future economic policy."

The minister added that alongside tax revenues, there has also been a strong growth trend in social insurance contributions:

"In the first nine months of this year, mandatory state social insurance contributions were executed at 107.6% of the forecast, totaling 4.7 billion manats (over $2.76 billion). This represents a 12% increase compared to the same period last year."

Jabbarov also highlighted that the Ministry of Economy continues to contribute to the country's economic and fiscal achievements.