Real GDP growth slowed from 7.3 percent in 2018 to 6.2 percent in 2019, and will slow further to 5.5–5.0 percent over the period 2020–21, reflecting weaker growth in Russia and lower international commodity prices. A projected recovery in the import bill in the fourth quarter of 2019 will keep the current account deficit at around 5 percent of GDP in full-year 2019, relatively unchanged to the 2018 deficit of 5.1 percent of GDP. Tajikistan; Overview; Featured. The expansion of light industry output contributed significantly to GDP growth in 2005. International assistance also was necessary to address the second year of severe drought that resulted in a continued shortfall of food production. Tajikistan gdp growth rate for 2017 was 7.62%, a 0.74% increase from 2016. Also in 2005, Russia and Iran resumed work on the Vakhsh River Sangtuda hydroelectric project. Tajikistan Economic Update: Heightening Fiscal Risks — Download full text. In 2005, the top overall buyers of Tajikistan’s exports, in order of value, were the Netherlands, Turkey, Russia, Uzbekistan, Latvia, and Iran. Tajikistan’s extensive aluminium processing industry depends entirely on imported ore.[19]. This improved Tajikistan's position among other Central Asian countries (namely Turkmenistan and Uzbekistan), which have degraded economically ever since. No forest region is classified as commercially usable; most are under state protection. The establishment of businesses nearly always requires bribing officials and often encounters resistance from entrepreneurs with government connections. [19] As of 2009, one third of industrial plants and factories are inactive, according to Tajikistan's Institute of Economic Studies. The budget assumptions for Rogun HPP financing suggest a decline in government debt in nominal terms in 2019. The national power company is Barqi Tojik. Tajikistan’s main problems arise from high levels of human and physical capital underutilization and corruption. Despite efforts in the right direction, however, past reforms have yet to create the desired effect of notable growth in small and medium enterprises and the country’s export base. In 2005 the Russian telecommunications company VimpelCom bought a controlling share of Tajikistan’s Tacom mobile telephone company. Tajikistan’s reported real GDP growth rate remained robust at 7.2 percent year-on-year in the first three quarters of 2019, similar to the growth rates of 7.1–7.3 percent recorded in 2017–18. The construction industry, about half of which is state-owned, has suffered from low investment in capital projects and from shoddy workmanship that has discouraged international contracts. Tajikistan has been hit harder than many countries because it already has a high poverty rate and because many of its citizens depend on remittances from expatriate Tajikistanis. On the demand side, buoyant domestic demand supported growth. Tajikistan is among the top ten business climate reformers worldwide in Doing Business 2020, with the ranking of 106th out of 190 economies globally, thanks to its reforms in the area of getting credit, starting a new business and facilitating export of goods. In 2005 the overall balance of payments was US$14 million. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Tajikistan is home to the hydroelectric power station Nurek, the second highest dam in the world. Strong GDP growth continued in 2019, remaining robust at 7.2 percent year-on-year in the first three quarters of 2019. Government Debt to GDP in Tajikistan averaged 54.92 percent from 1998 until 2018, reaching an all time high of 111.40 percent in 2000 and a record low of 27.50 percent in 2014. Environmental and Social Policies for Projects. Natural disasters remain a threat to Tajikistan’s economic development and poverty reduction gains. In 2005 Tajikistan’s GDP grew by 6.7%, to about US$1.89 billion, and growth for 2006 was about 8%, marking the fifth consecutive year of annual growth exceeding 6%. My Cart That plant was scheduled for possible sale to Rusal in 2007. Tajikistan’s reported real GDP growth rate remained robust at 7.2 percent year-on-year in the first three quarters of 2019, similar to the growth rates of 7.1–7.3 percent recorded in 2017–18. Tajikistan gdp growth rate for 2018 was 7.30%, a 0.32% decline from 2017. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. In December 2010, Russian Gazprom announced discovery of significant natural gas reserves in Sarykamish field with 60 bcm of natural gas, enough for 50 years of Tajikistan's domestic consumption. | Tajikistan GDP | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %). China owns about 50% of Tajikistan’s outstanding debt. Driven by high unemployment, in 2006 an estimated 700,000 workers found seasonal or permanent employment in Russia and other countries. Google+, © Copyright: 2020. For this period the economy growth was promoted by increase in production of industrial output of 13.6 percent, retail trade turnover of 9.6 percent, agricultural products of 7.1 percent and paid services of 2.9 percent. Gazprom, the Russian natural gas monopoly, allocated US$12 million for oil and gas exploration in Tajikistan in 2007 after spending US$7 million in 2006. Featured analysis. The current economic situation remains fragile, largely owing to corruption, uneven economic reforms, and economic mismanagement. Twitter Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan announced 142 credit organizations, including 16 banks and 299 their branches, two non-bank financial institutions and 124 microfinance organizations functioned in Tajikistan at the first of 2013. However, new infrastructure projects and increased housing construction brought a 60% increase in output from 2004 to 2005. To attract foreign investment and technology, Tajikistan has offered to establish free economic zones in which firms receive advantages on taxes, fees, and customs. [16] The 2008 global financial crisis has hit Tajikistan hard, both domestically and internationally. In late 2006, inflation approached the 10% level. 1990-2019 Data | 2020-2022 Forecast | Historical | Chart | News. Their remittances, estimated at US$600 million in 2005, are an important economic resource in Tajikistan; in 2004 an estimated 15% of households depended mainly on those payments. If you continue to navigate this website beyond this page, cookies will be placed on your browser. A statement from the Central Bank governor revealed that growth more than halved in the first half of the year, likely weighed on by plunging remittances, tumbling exports and constrained activity. Click on the button below to get started.