Economy of Kyrgyzstan is growing along with prices

16.02.2018

The National Statistical Committee summed up the results of the social and economic development of Kyrgyzstan in January 2018. Positive trends in the economy have been preserved. Prices continued to grow along with the economy.

According to the results of January, the country’s GDP is estimated at 27,171.4 billion som. Compared with the same period of the last year, the indicator grew by 3.5 billion som, or by 2.3 percent.

Without the enterprises developing the Kumtor mine, GDP amounted to 24,052.5 billion som with a growth of 3.4 percent.

The National Statistical Committee noted that an increase in production in the sphere of goods and services contributed to GDP growth. Its share in the country’s GDP is 47 percent. The share of industry amounted to more than 27 percent, agriculture to 8 percent, and construction 3 percent.

According to the results of the first month of the year, the volume of industrial output is estimated at 18,339 billion som. Compared with last year, the indicator grew by 2.7 percent. Without the enterprises developing the Kumtor mine, industrial products were manufactured for 124.7 billion som, which is 11.2 percent more than in 2017.

A distinctive feature is that the growth in production in industry is not related to the extraction of minerals. Indicators has improved thanks to the production of clothing, rubber, plastic items and food products.

But the volume of mining is falling. There is a decrease from last year level’s in mining of metal ores by 59.2 percent, production of vehicles by 41.1 percent, chemical products by 10.7 percent, refined petroleum products by 7.4 percent and base metals by 6.5 percent.

In January 2018, compared with December 2017, the average price growth in the republic was 0.6 percent. Alcoholic beverages and tobacco products increased by 3.8 percent, and food products and non-alcoholic beverages by 0.6 percent.

The largest increase in prices was recorded in the Naryn and Osh regions by 1.7 and 1.5 percent respectively. In the Batken region, on the contrary, they decreased by 0.8 percent.

At the same time, the average monthly salary in January 2018 amounted to 15,391 som.

According to the results of 2017, the volume of foreign trade turnover of Kyrgyzstan amounted to $6,272 billion. In comparison with 2016, it grew by 12.5 percent.

Imports still dominate in the structure of trade with $ 4,481.3 billion or an increase of 12 percent. Exports amounted to $ 1,790.7 billion with an increase of 13.8 percent.

The increase in exports is due to the growth in the supply of polished glass, dried fruits, butter, precious metal ores and precious metal concentrates. Exports of electric incandescent lamps, dried leguminous crops and nonmonetary gold decreased.

Countries of the Eurasian Economic Union account for the main share in Kyrgyzstan’s exports and imports. Last year, the foreign trade turnover with partners in the union amounted to $2,418.2 billion or 38.5 percent of total turnover.

At the end of 2017, exports of goods to the EEU increased by 27 percent, and imports by 13.8 percent. Russia (59.7 percent) and Kazakhstan (36.5 percent) accounted for the largest share of trade with EEU countries.

By Tatyana Kudryavtseva for 24.kg.