BAKU, Azerbaijan, June 16. The National Bank of Kyrgyzstan forecasted a significant slowdown in the country's GDP growth in 2023 compared to the previous year, Trend reports.
The bank projects a GDP growth rate of about 3.3 percent for 2023, and approximately 4.6 percent without considering the production at the Kumtor gold mine.
The production at the Kumtor mine is expected to fall below previous forecasts, slowing down Kyrgyzstan’s economy due to its substantial impact.
The current bank’s forecast indicates that economic growth in the country is supported by sectors such as agriculture, industry, services, and construction.
Looking ahead to 2024, the National Bank foresees a stabilization of real GDP growth at around 3.7 percent, or 3.9 percent when excluding the production at the Kumtor.
In 2022, the country's GDP increased by a total of 7 percent, or 5.9 percent (without considering the Kumtor).
Kyrgyzstan's GDP surpassed 355 billion soms ($4 billion) during the period from January through May 2023.
Based on preliminary data from the National Statistical Committee, the country experienced a 3.4 percent increase in GDP compared to the corresponding period in 2022.