Tajikistan's economy continues to show high growth rates, supported by consumption and metal exports, says the October Macroeconomic Review of the Eurasian Development Bank (EBD).
The report highlights that over the first eight months of this year, retail sales have increased by 12.3% compared to the same period last year, while the volume of paid services to the population has risen 12.7% over the reporting period.
According to EBD analysts, the growth in trade and services is supported by rising wages (including due to salary increases in the public sector starting from July 1) and a continued rise in remittances.
Citing the country’s balance of payments, the report notes that remittance inflows increased by 52%.
Another factor driving Tajikistan's economic growth is exports, which rose by 45.5% over the same eight-month period, primarily due to higher sales of metals and textiles.
"We expect the influence of these factors to persist in the second half of 2024, and by the end of the year, the economy will maintain a high growth rate of 8.0%," the report's authors predict.
The Tajik authorities also anticipate economic growth of no less than 8.0% by the end of the year.
According to Agency for Statistics under the Government of Tajikistan, real GDP growth from January to September 2024 stood at 8.4%. The share of agriculture in GDP during this period was 24.6%, industry 17.4%, trade 15.0%, and taxes 10.3%.
The Eurasian Development Bank is an international financial institution investing in Eurasia. For more than eighteen years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB's charter capital totals US$7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles. The Eurasian Development Bank has observer status in the UN General Assembly.
