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Azerbaijani enterprises show steady growth in contribution to GVA - ADB

Economy Materials 29 November 2022 20:15 (UTC +04:00)
Azerbaijani enterprises show steady growth in contribution to GVA - ADB
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 29. The gross value added (GVA) of micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan has been growing steadily from 2004 through 2020, the Asian Development Bank (ADB) said, Trend reports, citing the recent Asia SME Monitor 2022 from the ADB.

As the Bank noted, this is due to an impressive economic growth driven by oil and gas production boost.

“The GVA of MSMEs increased significantly after 2018, largely explained by changes in defining MSMEs coupled with MSME growth. New definitions added more enterprises under the MSME umbrella, which contributed to the expansion in GVA,” the ADB said.

Thus, according to the statistics, MSME GVA reached 10.9 billion manat ($6.4 million) in 2020, which is an increase of about 11.2 percent, compared to 2018. At the same time, almost 44.5 percent of value added came from medium-sized enterprises, with 40.7 percent from microenterprises, while small enterprises contributed 14.8 percent.

“Based on available data, wholesale and retail trade was the largest contributor to GVA in 2020 (29.4 percent). This was followed by construction (14.5 percent), manufacturing (13.5 percent), transportation and storage (7.1 percent), and information and communication (4.3 percent), similar to the ranking in 2019,” the report added.

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