Kyrgyz macroeconomic indicators announced

24 April 2019 19:18 (UTC+04:00)

By Abdul Kerimkhanov

As can be observed, Kyrgyz economy has markedly grown at the end of 2018.

Prime Minister of Kyrgyzstan, Muhammedkaliy Abylgaziyev, spoke about the main macroeconomic indicators of the country during the report on the activities of the Kyrgyz Government for 2018.

The Head of Government noted that the country's GDP amounted to 557.1 billion soms ($8 billion, growth of 3.5 percent). Growth was provided by the following sectors: construction (7.8 percent), industry (5.5 percent), agriculture (2.7 percent) and services (2.1 percent).

Abylgaziyev said that GDP per capita increased by 3 percent, while external debt decreased by $265 million and totalled $3.8 billion in 2018. He noted that the ratio of the external debt to GDP was reduced from 53.1 to 48 percent.

“At the same time, the volume of foreign trade grew by 6.6 percent, reaching $6.7 billion, the inflow of foreign investments made up $570 million, and the outflow of investments decreased by $200 million (27.7 percent) compared to 2017,” said Abylgaziyev.

He also noted that the volume of domestic investments in fixed assets amounted to 108.6 billion soms ($1.56 billion, 24 percent up), while the volume of investments from enterprises and organizations totalled 50.1 billion soms ($718.8 million, 36 percent up).

In addition, exports in the framework of Eurasian Economic Union (EAEU) increased by 5 percent, while imports decreased by 4.7 percent.

Abylgaziyev stressed that a business ombudsman institute was established to improve the investment climate, a two-year moratorium was introduced to inspect business entities, new enterprises were exempted from taxes for five years, and the Fund for the Preparation of Sustainable Development Projects was established.

“At the same time, work will be continued to ensure the transparency of banking institutions. In addition, a roadmap for capitalization of SSC Bank OJSC was signed in conjunction with the Kyrgyz-Russian Development Fund and the Eurasian Development Bank,” concluded Abylgaziev.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94 

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