Some Acceleration in Mining in General But A More Mixed Picture Among the CAREC Members
CAREC Institute
We promote economic cooperation in Central Asia and along the Silk Road through knowledge generation and sharing.
Growth of value added in mining accelerated in 2023 compared to 2022 on average in the CAREC region but continued to show a highly mixed picture among the member economies. Average regional growth in mining accelerated to 5.5% yoy in the first three quarters of 2023 from 0.8% yoy in 2022 (Figure). In Mongolia, year-on-year growth in mining recovered from negative readings since Q3 2021 to plus 49.8% in Q1 and 40.9% in Q2 2023 before it eased to 18.9% and finally to more normal 4.7% in Q3 and Q4, respectively. Growth has also turned positive in Kazakhstan and Pakistan since Q1 2023 after contractions in nearly all quarters of 2022. By contrast, Georgia saw its growth of mining decelerating substantially from an average of 26.3% yoy in 2022 to only 0.1% yoy in the first three quarters of 2023. In Azerbaijan and the Kyrgyz Republic, growth remained negative in Q2 and Q3 2023, but less so than before, in the Kyrgyz Republic after strong growth a year earlier.
Figure. GDP by origin: Mining and Quarrying (%, yoy)