Analysts of the Eurasian Development Bank (EDB) explain the high growth rates of Tajikistan's economy in the first half of 2024 by the strong dynamics of household consumption, increased investment and export revenues.
In the next Macroeconomic review of the EDB, published on August 14, it is reported that in the first half of this year, GDP growth in the republic amounted to 8.2%.
According to this indicator, Tajikistan is second only to Armenia among the EDB member countries, whose economy grew by 10.4% in the first half of this year.
Kyrgyzstan's GDP growth in January–June amounted to 8.1%, Belarus – 5.0%, Russia – 4.7%, Kazakhstan – 3.3%.
The Review highlights that in the first half of this year, retail sales in Tajikistan increased by 14.3% on the back of an increase in real wages, as well as transfers from abroad. Investments in fixed assets increased by 15.7%, largely due to the cost of construction of energy facilities (37% of total investments, an increase of 34.3%). Exports increased by 47.1%.
"We expect the economy to maintain high growth rates of domestic demand until the end of the year. This, in particular, is facilitated by a 40% increase in wages in the public sector from July 1 of this year," the EDB economists predict.
According to the EDB forecast, Tajikistan's GDP growth by the end of 2024 will be 8.0%, as expected by the Government of Tajikistan.
According to the Statistical Office of the Republic of Tatarstan, the contribution to economic growth in the first half of this year primarily falls on the manufacturing and service sectors.
