Azerbaijan's economy has demonstrated remarkable resilience, achieving a growth rate of 4.3% as reported by President Ilham Aliyev on September 26, 2024. This growth is particularly notable in the non-oil sector, which increased by 7%, reflecting the country's successful diversification efforts [5bbb8be1]. The independent economic model of Azerbaijan has allowed for a confident foreign policy, especially amidst ongoing geopolitical tensions in the region [5bbb8be1].
Azerbaijan's energy sector plays a crucial role in its economic strategy, with confirmed reserves of the Shah Deniz gas field estimated at approximately 1.2 trillion cubic meters. Currently, daily production from operational wells stands at 3.1 million cubic meters of gas and 470 tons of condensate [5bbb8be1]. Plans are underway to increase gas exports to Europe by an additional 20 billion cubic meters by 2027, further solidifying Azerbaijan's position as a key energy supplier [5bbb8be1].
In addition to energy exports, Azerbaijan is collaborating with the European Union on green energy initiatives, including the Black Sea Cable project, which aims to enhance energy connectivity and sustainability [5bbb8be1]. Inflation in Azerbaijan remains low, slightly over 1%, which contributes to a stable economic environment. The government has also announced plans to increase the minimum wage and pensions in the upcoming year, reflecting a commitment to improving the living standards of its citizens [5bbb8be1].
Overall, Azerbaijan's economic strategy focuses on stability and sustainable development, positioning the country to navigate both regional challenges and global economic shifts effectively [5bbb8be1].