Agriculture Slowed in H1 2023
CAREC Institute
We promote economic cooperation in Central Asia and along the Silk Road through knowledge generation and sharing.
Growth in agriculture was generally lower in CAREC in the first half of 2023 than in 2022. The average increase in value added in agriculture slowed to estimated 0.3% yoy in Q2 2023 from 1.6% yoy in Q1 2023 and 4.1-6.6% in the four quarters of 2022 (see the Figure). The value added contracted in Georgia and Mongolia by 7.1% yoy and 10.5% yoy, respectively, in Q2 2023 after negative readings already in Q1 2023. In Kazakhstan growth decelerated to 2.9% yoy in Q2 2023 from 3.5% in Q1 and double-digit growth of 17.9% and 15.7% yoy in Q3 and Q4 2022. In the PRC, growth also remained slightly below 2022 readings at 3.7% yoy both in Q1 and Q2 2023. However, the Kyrgyz Republic, Turkmenistan, and Uzbekistan saw a slight acceleration at 3.1%, 5.7% and 4.3% yoy in Q2 2023 compared to Q1 2023 and also compared to 2022.
Figure. GDP by origin: Agriculture (%, yoy)