Fitch Solutions Shares Forecasts For Azerbaijan's Economic Growth In 2024

2024-02-06 08:36:36

(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 2. Fitch Solutions expects the Azerbaijani economy to grow by 2.6 percent in 2024, following an estimated 2.4 percent annual growth in 2023, remaining comfortably above the pre-pandemic trend of 1.2 percent recorded in 2010-2020, Trend reports.

“Over the short-to-medium term, Azerbaijan will benefit from increased demand for its natural gas from the EU as the bloc tries to diversify away from Russia for its energy sources,” says Fitch Solutions.

Azerbaijan exports natural gas to Europe via the Southern Gas Corridor, with the Trans Adriatic Pipeline (TAP) serving as the European segment, commencing commercial deliveries by the end of 2020.

By the end of 2023, Azerbaijan had supplied Europe with 11.8 billion cubic meters of gas.

In July 2022, Azerbaijan and the European Commission signed a memorandum aiming to double the capacity of the Southern Gas Corridor from the current 10 billion cubic meters per year to 20 billion cubic meters by 2027. Additionally, TAP is scheduled to start delivering an extra 1.2 billion cubic meters per year beginning in 2026.

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