AEIR 2022

The economy grew by 3.6% in 2021 after plunging by 8.6% in 2020. Industry recovered by 3.1%, on a solid 21.1% expansion in mining output, overshadowing a 4.8% decline in construction. Services grew by 6.5% on strong growth in trade (up 11.4%), transport (15.6%), and hospitality (14.3%). Agriculture contracted by 5.0% against 0.9% growth in 2020. Private consumption rose, supported by remittances, which jumped 16% in 2021 as the border with the Russian Federation reopened. Investment, however, fell by 5.9% as projects were delayed. Inflation shot up to 11.9% (from 6.3% in 2020) on rising food prices. The fiscal deficit narrowed to 0.3% of GDP in 2021 from 3.3% of GDP in 2020. Falling exports and rising imports increased the current account deficit to 7.0% of GDP, reversing the 2020 surplus of 4.8%. With economic sanctions affecting its main trading partner, economic growth is forecast to slow to 2.0% in 2022, recovering to 2.5% in 2023. 

Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Broad Money Growth 1 11.0 (Feb16)11.0 12.1
Headline Inflation Rate 2 15.4 (Oct22)15.5 12.5
Industrial/ Manufacturing Production Growth Rate 2 2.6 (Sep22)20.8 21.4
Merchandise Export Growth 2 -48.0 (Sep21)-48.0 -34.5
Exchange Rate Index 3 198.9 (Oct22)197.6 204.9
1 %.
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

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