October 2023. Republic of Tajikistan: Social and Economic Development in the first half of 2023 and medium-term prospects

In the first half of 2023, Tajikistan's economy continued to demonstrate a high growth rate, with the main drivers being the services sector, agriculture and construction. Economic activity was also supported by high growth rates of remittances. The NBT reduced the refinancing rate in the context of reduced inflationary pressures, especially from the food commodities group. The increase in imports led to the formation of a deficit in the CA. Meanwhile, the financial account of the balance of payments was also in deficit due to a decline in foreign direct investment and capital outflows, which led to a decline in gross international reserves. There was an improvement in the fiscal position due to increased growth in tax revenues from imports and grants from development partners. Key indicators of the banking sector show that it remained relatively stable against the background of a sharp increase in consumer lending.

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