Kyrgyzstan records GDP growth during 2018

Monitoring Desk: According to preliminary estimates, the gross domestic product in Kyrgyzstan in 2018 amounted to 557 billion soms and increased by 3.5 percent compared to the previous year, Trend reports with reference to the Kyrgyz media

Excluding enterprises developing the Kumtor deposit, the volume of GDP in 2018 amounted to 509 billion soms and increased by 3.5 percent.

Industrial output amounted to about 251 billion soms and increased by 5.4 percent compared to 2017 due to an increase in coal production by 22 percent, crude oil and natural gas – by 17.5 percent, as well as in the production of petroleum products, base metals, textiles, clothing, food, rubber and plastic products, as well as building materials.

In 2018, the inflation rate in the consumer sector was 0.5 percent, while in 2017 it was 3.7 percent.

In 2018 (compared to December of the previous year), prices for consumer goods and services decreased in Batken and Chui oblasts, while their maximum increase was observed in Naryn oblast.

Positive trends were recorded in agriculture, where volume growth amounted to 2.7 percent, in construction – 7.8 percent, and also in wholesale and retail trade – 5.5 percent.

It may be mentioned that Kyrgyzstan is a mountainous landlocked Central Asian country with a dominant agricultural sector.

Cotton and tobacco are dominant products in Agriculture while wool and meat are important products of livestock. Kyrgyzstan exports tobacco and cotton to neighbouring countries.

Economy has a good share of minerals including gold, mercury, uranium and natural gas. However, common-men economy is mostly based on remittances from foreign workers and agriculture.

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