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