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.
|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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