The Consumer Confidence Index (CCI) has been growing for the third month in a row in Kyrgyzstan. Data of the monitoring carried out by Freedom Finance Global say.
Freedom Finance Global has been researching consumer confidence, inflation and devaluation expectations of residents of four Central Asian countries: Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. May 2024 once again showed different results, but overall there was a significant improvement in inflation and devaluation sentiment.
May marks the first changes in countries’ rankings on the Consumer Confidence Index (CCI). The second place is now occupied by Kyrgyzstan, which is significantly ahead of Uzbekistan. At the same time, it is the first country to show significant improvement in CCI and reach a new record.
There is a significant improvement in inflation sentiment in the region, except for Uzbekistan, which recorded a sharp acceleration in annual inflation. One can also note a general improvement in devaluation expectations against the backdrop of strengthening national currencies in three countries at once.
In Kyrgyzstan, analysts collect 1,600 questionnaires monthly. The research is based on the methodology used to obtain consumer confidence indices in many countries around the world and adapted to local needs by the research company United Research Technologies Group. Data collection method is a telephone survey.
In Kyrgyzstan, the Consumer Confidence Index in May amounted to 2.5 points, and CCI reached 132.1 points, which is only slightly less than one point of the record value for the entire period of the study. Four of the five subindices that determine the composite CCI level increased compared to April. The greatest growth is recorded in the issue of the favorableness of current conditions for large purchases, the subindex of which has almost reached the neutral limit of 100 points. Residents of Kyrgyzstan also showed a noticeable increase in positivity regarding changes in the economic situation over the past 12 months.
Regionally, a sharp increase in the share of positive answers (from 32.3 to 48.9 percent) compared to April was recorded in the leader of May — Talas region. Also, some growth is observed in the cities of Bishkek (+6.6), Osh (+5) and Osh region (+4.8). On the other hand, less residents of Naryn region believe that now is a favorable time for large purchases. The share of positive responses dropped from 34.1 to 27.4 percent, and the region found itself at the bottom of the regional rankings.
The subindex of changes in the economic situation in Kyrgyzstan increased by 3.6 points and reached 139 points, which became a new record for all 11 months of the study. The share of people who have a positive assessment of changes in the economy over the past 12 months increased from 58.6 to 60.6 percent.
