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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