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- The economy grew robustly by 15.4 percent yoy in January, up from 9.9 percent yoy in December 2021. Growth was broad-based: services (excluding trade) grew by 21 percent yoy, industry by 17 percent yoy and trade by 12 percent yoy, while construction grew more modestly by 3 percent yoy.
- Annual inflation continued to moderate though it remains above the target and inflationary pressures are expected to rise. After peaking at 6 percent yoy in November 2021, inflation fell sharply to January and slightly further to 6.5 percent yoy in February.
- Foreign goods trade picked up in January and the trade deficit widened. Both imports and exports grew sharply (by 65 percent and 53 percent yoy, respectively), but higher import prices and base meant that the trade deficit doubled in yoy
- The dram was stable until end-February, but has depreciated since the start of the Russia-Ukraine war. Since February 24th, the dram has depreciated by about 10 percent against the USD (at the exchange points as of March 10th), in line with trends observed in other countries with close links to the two economies. International reserves fell by USD 125 million in February, but at USD 3 billion at end-February still provide a healthy 6 months of import cover.
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