Kyrgyzstan



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Kyrgyzstan Economy 2008


Economy - overview: Kyrgyzstan is a poor, mountainous country with a predominantly agricultural economy. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. Industrial exports include gold, mercury, uranium, natural gas, and electricity. Following independence, Kyrgyzstan was progressive in carrying out market reforms such as an improved regulatory system and land reform. Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Drops in production had been severe after the breakup of the Soviet Union in December 1991, but by mid-1995, production began to recover and exports began to increase. The economy is heavily weighted toward gold export and a drop in output at the main Kumtor gold mine sparked a 0.5% decline in GDP in 2002 and a 0.6% decline in 2005. GDP grew more than 6% in 2007, partly due to higher gold prices internationally. The government made steady strides in controlling its substantial fiscal deficit, nearly closing the gap between revenues and expenditures in 2006, before boosting expenditures more than 20% in 2007. The government and international financial institutions have been engaged in a comprehensive medium-term poverty reduction and economic growth strategy. In 2005, Bishkek agreed to pursue much-needed tax reform and, in 2006, became eligible for the heavily indebted poor countries (HIPC) initiative. Progress fighting corruption, further restructuring of domestic industry, and success in attracting foreign investment are keys to future growth.
GDP (purchasing power parity): $10.55 billion (2007 est.)
GDP (official exchange rate): $3.748 billion (2007 est.)
GDP - real growth rate: 8.2% (2007 est.)
GDP - per capita (PPP): $2,000 (2007 est.)
GDP - composition by sector: agriculture: 33.6% industry: 18.9% services: 47.5% (2007 est.)
Labor force: 2.7 million (2000)
Labor force - by occupation: agriculture: 55% industry: 15% services: 30% (2000 est.)
Unemployment rate: 18% (2004 est.)
Household income or consumption by percentage share: lowest 10%: 3.8% highest 10%: 24.3% (2003)
Distribution of family income - Gini index: 30.3 (2003)
Investment (gross fixed): 25.6% of GDP (2007 est.)
Budget: revenues: $964.6 million expenditures: $961.1 million (2007 est.)
Inflation rate (consumer prices): 10.2% (2007 est.)
Commercial bank prime lending rate: 25.32% (31 December 2007)
Stock of money: $911.1 million (31 December 2007)
Stock of quasi money: $303.7 million (31 December 2007)
Stock of domestic credit: $558.3 million (31 December 2007)
Agriculture - products: tobacco, cotton, potatoes, vegetables, grapes, fruits and berries; sheep, goats, cattle, wool
Industries: small machinery, textiles, food processing, cement, shoes, sawn logs, refrigerators, furniture, electric motors, gold, rare earth metals
Industrial production growth rate: 9.3% (2007 est.)
Electricity - production: 15.62 billion kWh (2006 est.)
Electricity - consumption: 8.997 billion kWh (2006 est.)
Electricity - exports: 2.387 billion kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 964.7 bbl/day (2007 est.)
Oil - consumption: 12,330 bbl/day (2006 est.)
Oil - exports: 2,534 bbl/day (2005)
Oil - imports: 14,240 bbl/day (2005)
Oil - proved reserves: 40 million bbl (1 January 2008 est.)
Natural gas - production: 18 million cu m (2007 est.)
Natural gas - consumption: 768 million cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 750 million cu m (2007 est.)
Natural gas - proved reserves: 5.663 billion cu m (1 January 2008 est.)
Current account balance: -$267.9 million (2007 est.)
Exports: $1.337 billion f.o.b. (2007 est.)
Exports - commodities: cotton, wool, meat, tobacco; gold, mercury, uranium, natural gas, hydropower; machinery; shoes
Exports - partners: Russia 20.7%, Switzerland 19.9%, Kazakhstan 18%, Afghanistan 10.4%, Uzbekistan 7.6%, China 5.5% (2007)
Imports: $2.636 billion f.o.b. (2007 est.)
Imports - commodities: oil and gas, machinery and equipment, chemicals, foodstuffs
Imports - partners: Russia 40.5%, China 14.7%, Kazakhstan 12.9%, Uzbekistan 5% (2007)
Reserves of foreign exchange and gold: $1.177 billion (31 December 2007 est.)
Debt - external: $2.966 billion (30 June 2007)
Stock of direct foreign investment - at home: $NA
Stock of direct foreign investment - abroad: $NA
Market value of publicly traded shares: $41.99 million (2005)
Currency (code): som (KGS)
Exchange rates: soms (KGS) per US dollar - 37.746 (2007), 40.149 (2006), 41.012 (2005), 42.65 (2004), 43.648 (2003)

NOTE: The economy information regarding Kyrgyzstan on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kyrgyzstan Economy 2008 information contained here. All suggestions for corrections of any errors about Kyrgyzstan Economy 2008 should be addressed to the CIA.