Economy of Kyrgyzstan
Substantial post-Soviet growth in the services sector is mainly attributable to the appearance of small private enterprises. The central bank is the National Bank of the Kyrgyz Republic, which nominally is independent but follows government policy. Although the banking system has been reformed several times since 1991, it does not play a significant role in investment. High interest rates have discouraged borrowing. A stock market opened in 1995, but its main function is trading in government securities. Because of the Akayev regime’s economic reforms, many small trade and catering enterprises have opened in the post-Soviet era. Although Kyrgyzstan’s mountains and lakes are an attractive tourist destination, the tourism industry has grown very slowly because it has received little investment. In the early 2000s, an average of about 450,000 tourists visited annually, mainly from countries of the former Soviet Union.[1]
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External trade
Kyrgyzstan's principal exports, which go overwhelmingly to other CIS countries, are nonferrous metals and minerals, woolen goods and other agricultural products, electric energy, and certain engineering goods. In turn, the Republic relies on other former Soviet states for petroleum and natural gas, ferrous metals, chemicals, most machinery, wood and paper products, some foods, and most construction materials. In 1999, Kyrgyz exports to the U.S. totaled $11.2 million, and imports from the U.S. totaled $54.2 million. Kyrgyzstan exports antimony, mercury, rare-earth metals, and other chemical products to the U.S., and it imports grain, medicine and medical equipment, vegetable oil, paper products, rice, machinery, agricultural equipment, and meat from the U.S.
Reexport of China-made consumer goods to Kazakhstan and Russia, centered on Dordoy Bazaar in Bishkek, and to Uzbekistan, centered on Karasuu Bazar in Osh Province, is particularly important; it is thought by some economists to be one the country's two largest economic activities.[2]
The Kyrgyzstan Government has reduced expenditures, ended most price subsidies, and introduced a value added tax. Overall, the government appears committed to transferring to a free market economic system by stabilizing the economy and implementing reforms, which will encourage long-term growth. These reforms led to Kyrgyzstan's accession to the WTO on December 20, 1998.
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Investment
The stock market capitalisation of listed companies in Kyrgyzstan was valued at $42 million in 2005 by the World Bank.[3]
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Other statistics
Investment (gross fixed): 17% of GDP (2004 est.)
Household income or consumption by percentage share:
- lowest 10%: 3.9%
- highest 10%: 23.3% (2001)
Distribution of family income - Gini index: 29 (2001)
Agriculture - products: tobacco, cotton, potatoes, vegetables, grapes, fruits and berries; sheep, goats, cattle, wool
Industrial production growth rate: 6% (2000 est.)
Electricity
- production: 11,720 GWh (2002)
- consumption: 10,210 GWh (2002)
- exports: 1,062 GWh (2002)
- imports: 375 GWh (2002)
Electricity - production by source:
- fossil fuel: 7.6%
- hydro: 92.4%
- other: 0% (2001)
- nuclear: 0%
Oil:
- production: 2,000 barrel/day (2001 est.)
- consumption: 20,000 barrel/day (2001 est.)
- exports: NA
- imports: NA
Natural gas:
- production: 16 million m³ (2001 est.)
- consumption: 2.016 billion m³ (2001 est.)
- exports: 0 m³ (2001 est.)
- imports: 2 billion m³ (2001 est.)
Current account balance: $-87.92 million (2004 est.)
Exports - commodities: cotton, wool, meat, tobacco; gold, mercury, uranium, natural gas, hydropower; machinery; shoes
Imports - commodities: oil and gas, machinery and equipment, chemicals, foodstuffs
Reserves of foreign exchange & gold: $498.7 million (2004 est.)
Exchange rates: soms per US dollar - 41.731 (2004), 43.6484 (2003), 46.9371 (2002), 48.378 (2001), 47.7038 (2000)
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See also
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References
- ^ a b c d e f g Kyrgyzstan country profile. Library of Congress Federal Research Division (January 2007). This article incorporates text from this source, which is in the public domain.
- ^ Sebastien Peyrouse, Economic Aspects of China-Central Asia Rapprochment. Central Asia - Caucasus Institute, Silk Road Studies Program. 2007. p.18.
- ^ Data - Finance
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External links
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