BISHKEK, Kyrgyzstan, April 4. Kyrgyzstan anticipates a decline in inflation in 2024, the Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov said during the session of the Kyrgyz parliament, Trend reports.
"Our economy is adapting to the post-COVID and geopolitical situation that has unfolded in recent years and is gradually moving forward. In 2023, inflation decreased from 14.7 percent at the beginning of the year to 7.3 percent by the end of the year, and projections for 2024 indicate a decrease in the range of 6.5–5.5 percent. The country maintains economic stability," Japarov noted.
He further highlighted that in 2022, Kyrgyzstan's GDP grew by 9 percent, and in 2023, it concluded with a growth of 6.2 percent. Nominal GDP reached a record high, rising from 639.7 billion soms ($8.27 billion) in 2020 to 1.228 trillion soms ($13.7 billion) in 2023.
Meanwhile, the annual inflation rate in Kyrgyzstan in February 2024 stood at 5 percent, according to the country's Ministry of Economy.
To note, Kyrgyzstan's foreign trade turnover reached $1.168 billion in January 2024, which is a 36.8 percent increase compared to January 2023, according to the country's statistical agency. Exports amounted to $181.3 million, a 46.6 percent increase compared to January 2023. Imports increased by 35.1 percent compared to January 2023, reaching $987.5 million.
