BISHKEK, Kyrgyzstan, December 25. Kyrgyzstan expects the country's GDP growth rate to reach 4.5 percent in the end of 2023, propelled by sectors such as industry and services, Trend reports.
Minister of Economy and Commerce of Kyrgyzstan, Daniyar Amangeldiev, said this during a press conference evaluating the outcomes of the year 2023.
"Furthermore, the inflation rate (December 2023 vs. December 2022) is expected to be less than 10 percent, impacted by continuous food inflation deceleration on the one hand, and sustained high levels of inflation expectations and stable core inflation on the other," he added.
The minister highlighted that according to preliminary estimates by the National Statistical Committee, Kyrgyzstan's GDP totaled 1.072 trillion soms ($12 billion) from January through November 2023, with a real growth rate of 4.4 percent.
"For the first 11 months of this year, production increased in construction by 14.3 percent, services by 5.6 percent, industry by 1.6 percent, and agriculture by 0.3 percent," the minister added.
Amangeldiev mentioned that in 2023, Kyrgyzstan was affected by external factors such as geopolitical tensions, conflicts, the impact of secondary sanctions, and significant climate changes in the region. Nevertheless, the country's internal potential and adaptation to external and internal factors facilitated sustained economic growth.