Economic results of Kyrgyzstan’s development have been encouraging for the second month in a row. GDP is growing, as is the industry. But the prices, on the contrary, fell slightly.
According to the National Statistical Committee of Kyrgyzstan, in January-February, Kyrgyzstan’s GDP amounted to 63,09.3 billion soms, up by 4.9% YoY.
In February, the economic growth slowed down a bit. Compared with January, it decreased by 1.5%. However, in general, the indicators are quite good due to gold mining at Kumtor. But it is worth noting that the economy is still growing in comparison with February 2017, which was quite prosperous and rich in gold production (3% growth).
Excluding enterprises for development of the Kumtor mine, the country’s GDP is 56,274.4 billion soms with an increase of 1% compared to the same period of 2018.
Kumtor’s switch to mining of ore rich in gold primarily influenced industrial production indicators.
According to the results of two months of 2019, the volume of industrial production amounted to 38,050.5 billion soms, up by 12.2%.
But indicators in industry are not so bright without Kumtor. The production volume is estimated at 22,434.4 billion soms, down by 5.3%.
In January-February, the production of petroleum products (by 50.3%), textiles (by 23.4%), rubber and plastic products (by 15.1%), and food products (by 12.8%) decreased, as well as wood processing and production of wood and cork items (by 4.5%).
In February, a general decline of 0.2% was registered in consumer prices and tariffs in the republic.
Prices for non-food products decreased by 0.4%, food and non-alcoholic beverages – by 0.3% and services – by 0.1%. But the prices for alcoholic beverages and tobacco products increased by 0.7%.
An increase in consumer prices and tariffs was observed in Issyk-Kul (by 0.1%), Naryn (by 0.2%), Chui (by 0.2%) and Talas (by 0.4%) regions.
Since the beginning of 2019, the inflation rate in the consumer sector has been 0.2%.
Prices for food products and non-alcoholic beverages have increased by 0.3% since the beginning of the year, and for alcoholic beverages and tobacco products – by 3.3%. But the cost of non-food products decreased by 0.5%, and services – by 0.4%.
In February, an increase in consumer prices and tariffs was observed throughout Kyrgyzstan except for Osh region and Osh city, where a slight decrease was recorded.
The maximum price increase (0.7%) was registered in Naryn region. Since the beginning of the year, alcoholic beverages and tobacco products have risen in price the most in Issyk-Kul region (by 4.4%), and services – in Talas region (by 1.8%).
According to the National Statistical Committee, an average salary in Kyrgyzstan is 15,327 soms.
Growth in average monthly salaries (excluding small enterprises) was registered at enterprises and organizations engaged in all types of economic activity.
Salaries at enterprises and organizations engaged in professional, scientific and technical activities, as well as other service activities, have decreased.
At the end of 2018, the subsistence minimum in Kyrgyzstan reached 4,792.54 soms, and for pensioners – 4,282.99 soms. (24.kg/Business World Magazine)
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