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Economy of Kyrgyzstan stabilizes. Indicators - at level of 2015

The National Statistical Committee of Kyrgyzstan has summed up the results of the social and economic development of the country in the eight months of 2017. It turned out that the level of the economy was almost equal to the figures of 2015.

Economy balanced

In January-August 2017, the country’s GDP totaled 282.5 billion soms. Compared with last year, it grew by 6 percent. However, the base of 2016 was low, so the growth figures this year are impressive.

However, the figures show that the economy finally got out of the crisis and equaled the data of 2015.

Excluding Kumtor development companies, the country’s GDP is estimated at 252.7 billion soms, 3.6 percent more than in 2016 and 1.8 percent - than in 2015.

Industry is reviving

The industry also has good indices. The volume of production for eight months is estimated at 144 billion soms. This is 26.4 percent more than in 2016, but 8.3 percent less than in 2015.

Excluding Kumtor, the volume of industrial output amounted to 80.7 billion soms- an increase of 21.4 percent compared to the previous year and 0.5 percent compared to 2015.

It should be noted that this year the volume of extraction of mineral resources is increasing at a rapid pace. In comparison with 2016, the indicator increased by 91.2 percent and amounted to 1, 776.3 billion soms. Two years ago, the figures were 24.8 percent lower.

Prices do not rush to grow

Most often, the economic recovery is accompanied by a rise in prices. However, in Kyrgyzstan this trend is still imponderable. In August, there was a decrease in consumer prices and tariffs in the republic as a whole by 0.2 percent. This is most related to the fall in the cost of food and non-alcoholic beverages by 1.4 percent.

At the same time, a slight increase in prices was observed for services, alcoholic beverages and tobacco products. The decrease in prices was recorded in all regions, except for Osh.

Since the beginning of the year, the inflation rate in the consumer sector is estimated at 1.5 percent. The most expensive since the beginning of the year were tobacco products (19.3 percent) and services (6 percent). The maximum increase in prices in comparison with December 2016 is noted in Osh region.

Fruits fell in price by 17.2%, vegetables — by 6.6%, potato — by 12.3%. Services rose in price by 1.4%, alcohol and tobacco — 1.1%.

Preparing tires for winter

Foreign trade turnover of Kyrgyzstan in January-July of 2017 amounted to $ 3.3 billion. Including the countries of the Eurasian Economic Union (EEU), we traded at $ 1.3 billion. Compared to 2016, the indicator increased by 14.7 percent, but we fall short of 19.9 percent to the level of 2015.

It should be noted that exports to the Union countries are steadily growing- by 32.7 percent compared to 2016 and by 19.9 percent compared to 2015. The import of goods, on the contrary, is declining. If to compare the indicators with the level of 2016, then there is an increase of 9.8 percent. But the data of 2015 indicate that we have significantly reduced the import of goods from the countries of the EEU — by 26.6 percent.