2024-02-12 17:52:29
In 2024, the Azerbaijani economy will grow by 2.6 percent compared to the forecast of annual growth of 2.4 percent in 2023, Day.Az reported on Friday, citing Fitch Solutions, which is part of the Fitch group.
“This rate remains significantly higher than the pre-pandemic trend of 1.2 percent recorded in 2010-2020,” the company said in its report.
As noted, in the short and medium term, Azerbaijan will benefit from increased demand for natural gas from the EU as the bloc tries to diversify its energy sources from Russia.
It should be noted that Azerbaijan exports natural gas to Europe via the Southern Gas Corridor. The Trans Adriatic Pipeline (TAP), which is the European part of the corridor, began commercial deliveries at the end of 2020.
At the end of 2023, Azerbaijan supplied 11.8 billion cubic meters of gas to Europe.
In July 2022, Azerbaijan and the European Commission signed a memorandum that provides for increasing the capacity of the Southern Gas Corridor from the current 10 billion cubic meters per year to 20 billion cubic meters by 2027. TAP will begin supplying an additional 1.2 billion cubic meters per year from 2026.
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