BISHKEK, Kyrgyzstan, December 8. The National Bank of Kyrgyzstan forecasts the growth rate of Kyrgyzstan's real GDP to be around 5.1 percent in 2024, and without counting the enterprises at the Kumtor mine site, approximately 4.3 percent, Trend reports.
The bank also expects that by the end of 2023, Kyrgyzstan's real GDP growth will be about 5 percent, and without factoring in Kumtor, approximately 6.5 percent.
Production at the Kumtor mine site is anticipated to be lower than previously forecasted in the last quarter. Economic growth in the current projection is supported by the construction and service sectors.
During the first nine months of 2023, real GDP increased by 4.2 percent compared to the same period last year, and excluding Kumtor, by 5.9 percent.
The primary driver of economic growth remains the service sector, primarily due to the growth in wholesale and retail trade turnover. Additionally, the construction sector is contributing to supporting the economy.
The agricultural sector continues to exert a restraining influence due to dry weather conditions this year and the high benchmarks of the previous year. Towards the end of the reporting period, the industry returned to positive growth but remains at relatively low levels.
In late November of the current year, Kyrgyzstan's GDP surpassed the milestone of 1 trillion soms ($11.2 billion) for the first time in the country’s history.