According to the results of 2023, economic growth in Kyrgyzstan turned out to be significantly higher than the forecasts of both global financial institutions and the country's authorities, 24.kg reports.
While replicating the success of 2022 was not achieved, the indicators are still good.
There is only one downside - the achievements were made thanks to a substantial growth in the service sector. The industrial sector could not bring satisfaction, says the agency.
The overview by 24.kg is based on official data from the National Statistical Committee of Kyrgyzstan. As for how well these presented figures correspond to the actual state of affairs in the republic, it is difficult to determine. There is no alternative source of information on the economic situation in Kyrgyzstan, notes 24.kg.
How was the GDP growth achieved?
In 2023, the country's GDP amounted to 1 trillion 228 billion 898.8 million soms or $13.76 billion.
By the end of the year, economic growth stood at 6.2%.
The National Statistical Committee of Kyrgyzstan noted that in 2023, positive trends were observed in wholesale and retail trade, where the volume increased by 17.7%, and in construction - by 10.3%.
When calculating GDP and its changes compared to the previous year, many factors are taken into account: prices, production volumes by industry, budget revenues, government expenditures. Kyrgyzstan is import-dependent, meaning that the country purchases most goods in dollars. Therefore, the GDP volume was recalculated in US dollars using the official exchange rate at the end of the month, the agency reports.
"The GDP growth is provided by the sectors of commodity production, the service sector, and taxes on products. They grew by 12.7% compared to 2022. Indicators in the service sector increased by 6.2%, and commodity production by 3.6%," explained the National Statistical Committee of Kyrgyzstan.
CentralasianLIGHT.org
January 19, 2024