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January results. Kyrgyzstan's economy on a golden horse

Due to an increase in gold production at Kumtor, the Kyrgyz economy showed a significant growth in the first month of 2019. At the same time, prices grew quite insignificantly, although cigarettes and fresh vegetables’ prices increased for 30 days.

Low base effect in action

According to the National Statistical Committee, Kyrgyzstan’s GDP in January 2019 amounted to 30,243.4 billion soms. This is 6.4 percent more than in January 2018.

It is important to note one more detail. In the first half of last year, gold production at Kumtor declined significantly, and therefore the economic growth was not high. By the end of the year, ore with high content of gold was processed at the field. Against this background, a record growth of the economy was registered.

Excluding enterprises that develop Kumtor mine, economic growth is positive, but much more modest. GDP volume is estimated at 26,783.8 billion soms, which is 1.9 percent more than in January 2018.

Ore mining is increasing

Industrial production figures in the first month of the year were also quite good. Its volume is 19,357.7 billion soms with a growth of 15.7 percent compared with January 2018.

Without Kumtor, the situation is not so bright. The republic manufactured industrial products for 11,979.2 billion soms that is already 4.7 percent less than last year.

Decrease was registered in production of petroleum products (by 41.7 percent), in textile production (by 39.6 percent), production of rubber and plastic products (by 21.3 percent), and food products (by 13.4 percent).

Prices for cigarettes and vegetables grow

In January 2019, growth in consumer prices and tariffs was 0.4 percent. Tobacco products and fresh vegetables rose in price most of all (by 9.2 percent and 8.8 percent respectively).

In January 2019, a decline in consumer prices and tariffs was recorded in Talas region (by 0.1 percent). In Issyk-Kul region, they remained at the level of the previous month, and the maximum increase in prices and tariffs during this period (0.6 percent) was in Jalal-Abad region.

Whose salaries are growing?

According to the National Statistical Committee, the average salary in Kyrgyzstan was 16,218 soms.

Salary growth was observed at enterprises and organizations engaged in all types of economic activity with the exception of enterprises and organizations operating in hotels and restaurants sphere.

The most significant increase in the average monthly wage was registered in construction (11 percent), information and communication (9.8 percent), government management and defense, compulsory social security (9.2 percent), professional, scientific and technical activities (8.7 percent), wholesale and retail trade, repair of cars and motorcycles (8.4 percent), real estate operations (7.7 percent).

By the end of 2018, the subsistence minimum in Kyrgyzstan amounted to 4,792.54 soms, for pensioners — 4,282.99 soms.