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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Broad Money Growth 1 | 11.0 (Feb16) | 11.0 | 12.1 |
Headline Inflation Rate 2 | 9.6 (Sep23) | 9.5 | 15.5 |
Industrial/ Manufacturing Production Growth Rate 2 | 2.6 (Sep23) | 6.1 | 2.6 |
Merchandise Export Growth 2 | 40.9 (Aug23) | 40.9 | 152.0 |
Exchange Rate Index 3 | 214.3 (Oct23) | 212.9 | 198.9 |
1 %. 2 y-o-y, %. 3 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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