BISHKEK, Kyrgyzstan, September 18. EDB (the Eurasian Development Bank) expects GDP growth in Kyrgyzstan to reach 4.2 percent by the end of 2023, Trend reports.
The bank's analysts believe that the acceleration in GDP growth will be driven by increased production of basic metals in November and December 2023.
Kyrgyzstan's GDP growth rate rose to 3.3 percent year-on-year from January through August 2023, up from 2.9 percent year-on-year from January through July 2023. This improvement was mainly due to the stabilization of industrial production, while constriction, wholesale, and retail trade continued to be the main drivers of growth.
One of the factors limiting growth was a 1.5 percent year-on-year decrease in agricultural production. This decline can be attributed to the dry weather and the high agricultural performance in the previous year.
According to the National Bank of Kyrgyzstan, the country’s GDP amounted to 677.2 billion soms ($7.6 billion) from January through August 2023.
In 2022, Kyrgyzstan's GDP growth rate amounted to 7 percent, with value reaching a total of 919 billion soms ($10 billion).