BAKU, Azerbaijan, May 16. The GDP growth in Kyrgyzstan will amount to 7 percent in 2023, Trend reports via the latest 'Regional Economic Prospects' outlook from the bank.
At the same time, the bank’s analytics expect GDP in Kyrgyzstan at 7.2 percent in 2024.
According to the report, the economy of Kyrgyzstan increased by 7 percent in 2022, although there was a drop in gold sector.
“Growth continued in the first quarter of 2023, with strong external and domestic demand leading to gains in industrial production (7.6 percent year-on-year), hospitality (24.1 percent), retail and wholesale trade (11.8 percent) and trucking (18.7 percent). Imports rose by 27.2 percent year-on-year from January through February 2023 on the back of higher prices of food and energy, as well as an increase in re-exporting activities,” the bank said.
The EBRD's experts added that overall, real GDP in Kyrgyzstan grew by 4.6 percent year-on-year in the first quarter of 2023 despite a 34 percent decline in net remittances.
The EBRD also noted that Kyrgyzstan doubled the imports of trucks in the first two months of 2023, which shows that the country has an important role in transit and intermediated trade.
The EBRD has been cooperating with Kyrgyzstan since 1992. The bank activities in the country focus on fostering sustainable growth, enabling SMEs (small and medium-sized enterprises), promoting the sustainability of public utilities, and strengthening the financial sector.
