Unemployment rate reduced to 16.1% in 4Q22
The unemployment rate reduced by 3.0ppts y/y to 16.1% in 4Q22, amid strong economic growth. During the same period, the number of hired employed individuals increased by 5.1% y/y, accounting for 67.7% of total employment, while self-employed persons were up 4.5% y/y and accounted for 32.2% of total. Notably, the labor force participation rate increased by 1.5ppts y/y to 52.9% in 4Q22, surpassing the pre-pandemic level.
Tourism revenues stood at US$ 300.0mn in Jan-23
According to our estimates, tourism revenues continued strong growth up by 163.1% y/y, reaching US$ 300.0mn in Jan-23. Looking ahead, we remain optimistic about the industry’s prospects and anticipate tourism revenues at US$ 4.0bn (+15.0% y/y) in 2023.
Producer price index up 1.8% y/y in Jan-23
Annual PPI for industrial goods rose by 1.8% in Jan-23 (mostly due to the last year’s low base), up from 0.1% growth in previous month, according to Geostat. The price changes in manufacturing (+3.2% y/y) and mining (-9.8% y/y) sectors had the largest impact on the overall index change in January.
Exports soared by 38.5% y/y in Jan-23
In Jan-23, exports experienced significant growth, expanding by 38.5% y/y to US$ 459.0mn, after a 32.5% y/y growth in previous month. Imports, on the other hand, grew at a slower pace, with a 25.2% y/y increase to US$ 1.0bn in January, compared to a 33.0% y/y rise in December.
As a result, the trade deficit grew by 15.8% y/y to US$ 543.9mn, following the 33.3% y/y growth rate seen in December.
The top 5 exported commodities were cars (+186.6% y/y), copper (+2.7% y/y), ferro-alloys (+61.8% y/y), fertilizers (+18.1% y/y) and heavy vehicles (+US$17.9mn y/y) in Jan-23. A 16.0% of exports were directed to the EU (-13.3% y/y), 60.3% to the CIS (+67.8% y/y) and 23.6% to other countries (+33.2% y/y).
The top 5 imports were gases (+40.3% y/y), cars (-11.0% y/y), petroleum (+13.2% y/y), copper (+2,817% y/y) and telephones (+16.4% y/y) in Jan-23.
