Under the baseline scenario, GDP growth in Kyrgyzstan is expected to be about 2.9 percent by the end of this year. Q3 report on monetary policy of the National Bank of Kyrgyzstan says.
It is noted that the forecast was lowered by 0.1 percent compared to the previous scenario. The National Bank emphasizes that in the third quarter the slower recovery of economic activity in the country was mainly determined by a decline in gold production at Kumtor mine and a decline in production in the agricultural sector.
«Unfavorable climatic conditions in the spring and summer of 2021, including the lack of irrigation water during the growing season, caused a decrease in the growth rate of the agricultural sector. At the same time, in 2022, we expect a relatively moderate growth rate (the forecast was lowered from 5.7 percent to 4.2 percent) against a slower recovery of economic activity in 2021. Excluding Kumtor enterprise, the growth of the Kyrgyz economy this year is expected at about 4.7 percent,» the National Bank said.
