“Growth momentum in Azerbaijan’s SME sector continues”
Positive growth dynamics in the micro, small, and medium-sized enterprise (SME) sector continue in Azerbaijan.
Startup.az reports that the growth is reflected in the number of SMEs, employment, their share in value added, and the number of employees.
According to the State Statistical Committee, the number of SMEs in 2024 amounted to 424,437, which is 5.8% more compared to the previous year. Compared to 2023, the value added generated by SMEs increased by 3.4% last year, reaching AZN 21.1 billion. While 390,800 people were employed in SME entities in 2023, this figure rose to 417,800 in 2024, representing an increase of 6.9%. Against this backdrop, the share of SMEs in total employment increased to 45.3%.
Overall, in recent years, the role of SMEs in the national economy and employment has continued to grow. This indicates that SMEs are making an increasing contribution to sustainable economic development and demonstrates the effectiveness of state support measures aimed at supporting SME activities.
It is also noted that 99.7% of registered business entities nationwide are SMEs.