Economic growth doubled to 9.2% in 2021 after growing by 4.5% in 2020. On the supply side, growth in industry jumped from 9.7% in 2020 to 22.0% on a 50% rise in mining, 16.3% in manufacturing, and 12.5% in electricity generation. On the demand side, higher growth and remittances, with 95% coming from the Russian Federation, helped boost consumption. Investment rose by 23.3% from private and foreign sources, mainly for mineral extraction and processing. Inflation slowed from 9.4% in 2020 to 8.0% in 2021. Growth is forecast to decelerate in 2022 due to the impact of an economic downturn in the Russian Federation and associated adverse external environment. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 2.1 (Jul23)2.2 8.3
Industrial/ Manufacturing Production Growth Rate 1 10.3 (Jun23)9.0 17.3
Merchandise Export Growth 1 -71.4 (May23)-71.4 -43.8
Exchange Rate Index 2 340.8 (Aug23)340.4 321.4
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

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