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Results of January. Economy of Kyrgyzstan is growing along with prices

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.

Stable GDP

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

Without the enterprises developing Kumtor mine, GDP amounted to 24,052.5 billion soms 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 — 8 percent, construction — 3 percent.

Switch to textiles and food products

According to the results of the first month of the year, the volume of industrial output is estimated at 18,339 billion soms. Compared with last year, the indicator grew by 2.7 percent. Without the enterprises developing Kumtor mine, industrial products were manufactured for 124.7 billion soms, 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 backlog from the last year level 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 basic metals (6.5 percent).

Alcohol, cigarettes, apples growing in price

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

The largest increase in prices was recorded in Naryn and Osh regions — by 1.7 and 1.5 percent. In 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 soms.

We sell glass, butter and dried fruits

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 — $ 4,481.3 billion (an increase of 12 percent). Exports amounted to $ 1,790.7 billion with growth 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. Export 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 (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.