Kyrgyzstan

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. 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 2007-08. 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 grew more than 6% annually in 2007-08, partly due to higher gold prices internationally, but growth is likely to decline from that level in 2009, due to declining demand and lower commodity prices in the wake of the international financial crisis.
GDP (purchasing power parity):
$11.41 billion (2008 est.)
$10.77 billion (2007)
$9.951 billion (2006)
GDP (official exchange rate):
$5.05 billion (2008 est.)
GDP - real growth rate:
6% (2008 est.)
8.2% (2007 est.)
3.1% (2006 est.)
GDP - per capita (PPP):
$2,100 (2008 est.)
$2,000 (2007 est.)
$1,900 (2006 est.)
GDP - composition by sector:
agriculture: 32.4%
industry: 18.6%
services: 49% (2008 est.)
Labor force:
2.7 million (2000)
Labor force - by occupation:
agriculture: 48%
industry: 12.5%
services: 39.5% (2005 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):
25.8% of GDP (2008 est.)
Budget:
revenues: $1.17 billion
expenditures: $1.192 billion (2008 est.)
Inflation rate (consumer prices):
22.5% (2008 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)
Market value of publicly traded shares:
$121 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:
4.3% (2008 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:
-$574 million (2008 est.)
Exports:
$1.676 billion f.o.b. (2008 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:
$3.476 billion f.o.b. (2008 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:
$1.426 billion (31 December 2008 est.)
Debt - external:
$2.966 billion (30 June 2007)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
soms (KGS) per US dollar - 36.108 (2008 est.), 37.746 (2007), 40.149 (2006), 41.012 (2005), 42.65 (2004)