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Azerbaijan’s MSMEs account for 18% of GDP in 2023 – ADB report

12 November 2025 10:49 (UTC +04:00)

In 2023, the share of micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan’s gross domestic product (GDP) amounted to 18 percent, APA-Economics reports citing the report of the Asian Development Bank (ADB).

In the South Caucasus and Central Asia region, the contribution of SMEs to the economy averaged 41.9 percent in 2023 and 46 percent in 2024.

According to ADB’s analysis, in 2023 Azerbaijan demonstrated one of the highest growth rates in the South Caucasus, with a 17 percent increase in SME production. This is assessed as a result of the country’s economic diversification policy and measures to support entrepreneurship.

ADB stated that during the years 2020–2024, the share of SMEs in the national economy has consistently increased in the countries of the South Caucasus and Central Asia, including Azerbaijan. This growth is explained by the policies of the regional countries aimed at developing the private sector, improving access to finance, and stimulating entrepreneurship.