러시아ㆍ유라시아

Azerbaijan’s economy escaped recession in 2017. GDP grew by 0.1 per cent in 2017 following a 3.1 per cent contraction in 2016. In the first nine months of 2018, output has continued to rise slowly, supported by growth in the non-oil sector.

Strategic energy projects reached important milestones. The first commercial gas deliveries were made from the new Shah Deniz 2 gas field to Turkey. Azerbaijan has extended the Production Sharing Agreement with a consortium of international energy companies for the management of the country’s largest oil field.

New public agencies were set up to support the non-oil private sector, although their effectiveness is yet to be tested. The newly established agencies aim to promote food safety standards, improve regulation of the energy sector and support the development of small and medium-sized enterprises, including by lowering their borrowing cost through unfunded risk participation.