BISHKEK, Kyrgyzstan, October 18. Analysts from the Eurasian Development Bank (EDB) anticipate that the increasing production of essential metals in Kyrgyzstan will contribute to a 4.2 percent GDP growth rate in the country by the end of 2023, Trend reports.
The GDP growth rate in Kyrgyzstan already improved to 3.3 percent year-on-year from January through August, up from 2.9 percent from January through July 2023.
This improvement is attributed to the stabilization of industrial production, which showed no growth from January through August after a 2 percent year-on-year decline from January through July, according to EDB economists.
The bank highlights that the primary drivers of this growth were the construction sector, wholesale and retail trade, supported by increasing real wages and consumer credit activity. However, the agricultural sector experienced a 1.5 percent year-on-year decline.
In 2022, Kyrgyzstan achieved a GDP growth rate of 7 percent, with the total value reaching 919 billion soms ($10 billion).