GDP growth in Kyrgyzstan in 5 months of 2022 amounts to 5.7%

By Trend

According to a preliminary estimate by the National Statistical Committee, in January-May 2022, the volume of GDP in Kyrgyzstan amounted to 270.2 billion soms and compared to the same period last year, the growth rate was 5.7%, the Ministry of Economy and Commerce reported, Trend reports citing Kabar.

Excluding enterprises for the development of the Kumtor mine, the growth rate was 3.7% (in January-May 2021 - 2.8%).

In the sectors of the economy, the indicators were as follows: in agriculture, production volumes increased by 2.2%, in the service sector by 4%, in industry by 11.4%, and in construction by 3.1%.

The main positive contribution to GDP growth is provided by industry (2.48 percentage points) and services (1.97 percentage points).

The key growth driver was the industry sector, where, against the background of a low base in the corresponding period of the previous year (-8.7%), it showed high recovery growth rates of 11.4% due to the stable operation of metallurgical enterprises, an increase in the volume of commissioned deposits for the extraction of basic metals (where growth by 29.7%), restoration of production volumes of food processing (by 10.5%) and oil products (by 16.8%).

High indicators in the service sector (growth by 4%) was due to an increase in the volume of wholesale and retail trade, repair of cars and motorcycles by 6.9%, transport activities and storage of goods - by 13.1%, services provided by hotels and restaurants - by 12.1% and communication services - by 2.8%.

The consumer price index, which characterizes the level of inflation, amounted to 107.5% (against December of the previous year). The average annual inflation rate (January-May 2022 versus January-May 2021) was 112.8%.

The IEC of the Kyrgyz Republic noted that in order to restore the economy, support the population and entrepreneurship, the Anti-Crisis Action Plan of the Cabinet of Ministers was adopted, which determines the main directions of priority actions to ensure macroeconomic stability in the Kyrgyz Republic in the face of growing influence of external factors.

The measures included in the Plan are grouped into 7 areas:

- measures to ensure food security and stabilize prices for priority goods;

- measures of social support and employment;

- measures to ensure financial stability;

- measures to support business entities;

- measures to attract investment;

- measures to increase trade;

- measures to ensure the stability of the state budget.