BAKU, Azerbaijan, Dec. 14
By Nazrin Israfilova - Trend:
The GDP growth projection for 2021 is raised substantially from 4.1 percent to 4.7 percent, reflecting an improved outlook for Azerbaijan, Georgia, Kazakhstan, Tajikistan, and Uzbekistan on account of their generally robust recovery in the first three quarters of the year, Trend reports referring to Asian Development Bank’s (ADB) report.
For 2022, the subregional growth projection is raised from 4.2 percent to 4.4 percent on better prospects for Azerbaijan, Kazakhstan, and Tajikistan.
Inflation in Azerbaijan reached 5.7 percent in the first 10 months of 2021 as electricity and natural gas tariffs were increased.
In Georgia, annual inflation accelerated to 12.8 percent in October 2021 on higher global food and oil prices and increased utility tariffs.
Average inflation in Kazakhstan was 7.9 percent in the first 10 months of 2021, with food prices up by 10.8 percent.
In Tajikistan, inflation reached 9.6 percent in the first 9 months of 2021, reflecting seasonal factors and COVID-19 pandemic-related external supply shocks.
In Turkmenistan, trade disruption in 2020 hampered imports, causing shortages of food and other goods.
In the first nine months of 2021, Azerbaijan recorded growth at 4.8 percent with expansion in manufacturing particularly strong.
Georgia saw growth at 11.3 percent, driven by both industry and services as exports were strong and tourism staged a partial recovery.
Tajikistan grew by 8.9 percent with sizable expansion in both industry and services, aided by investment.
Uzbekistan enjoyed growth by 6.9 percent across the economy.
By contrast, GDP in the Kyrgyz Republic grew by only 1.6 percent in the first 10 months of 2021 as agriculture and construction contracted.