BISHKEK, Kyrgyzstan, September 19. Moderate growth is forecasted in the service sector of Kyrgyzstan for the upcoming years, Trend reports.
Data from the Ministry of Finance of Kyrgyzstan indicates that growth rates for the service sector in Kyrgyzstan are projected at 5.2 percent in 2024 and 2025 and 5 percent in 2026.
In comparison, according to the country’s State Statistical Committee, the growth in the service sector amounted to 7 percent in 2022 and 16 percent in 2021.
This growth next year will be primarily driven by increased activity in wholesale and retail trade, transportation, cargo storage, hotels and restaurants, as well as information and communication services. The Ministry believes that the demand for services will be supported by the growth of the population's income.
A substantial share of the services sector will be represented by wholesale and retail trade, as well as automobile and motorcycle repair services, with growth expected at 8.2 percent in 2024, 8.1 percent in 2025, and 6.7 percent in 2026.
According to the Ministry, the rise in trade will be facilitated by the stimulation of domestic demand and further improvement of the regulatory framework for entrepreneurial activities.
Additionally, there is an expected increase in the volume of services provided by hotels and restaurants, with growth rates forecasted at 6 percent in 2024, 6.3 percent in 2025, and 7 percent in 2026. The growth in this service sector will be driven by increased tourism, both domestic and international, facilitated by more effective government regulation of the tourism industry.