About Kyrgyzstan & Key Financial Statistics

About Kyrgystan and Key Financial Statistics

Overview of Economy:

Kyrgyzstan is a poor, mountainous country with an economy dominated by agriculture and minerals extraction. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. Other exports include gold, mercury, uranium, natural gas, and — in some years — electricity. Bishkek remains embroiled in a legal battle with Canadian investors in the Kumtor gold mine, the nation’s largest. Kyrgyzstan has sought foreign investment to develop hydroelectric potential as a source of export revenue. The economy also depends heavily on remittances from Kyrgyzstani migrant workers, primarily in Russia. Following independence, Kyrgyzstan rapidly carried out market reforms, such as improving the regulatory system and instituting land reform. Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. The government has sold much of its ownership shares in enterprises. 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 overthrow of President BAKIEV in April 2010 and subsequent ethnic clashes left hundreds dead and damaged infrastructure. Under President ATAMBAEV, Kyrgyzstan has developed a plan for economic development in coordination with international donors. In December 2014 Kyrgyzstan agreed to join the Eurasian Economic Union in early 2015. The keys to future growth include progress in fighting corruption, improving administrative transparency, restructuring domestic industry, and attracting foreign aid and investment.

Gross Domestic Product (In USD):

$19.23 billion (2014 est.)

$18.56 billion (2013 est.)

$16.79 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 18.3

% Industry: 27.4

% Services: 54.2

Composition of Labor Force by Occupation:

% Agriculture: 48

% Industry: 12.5

% Services: 39.5

Per Capita Income:

$3,300 (2014 est.)

$3,100 (2013 est.)

$2,800 (2012 est.)

Exports:

$1.892 billion (2014 est.)

$2.048 billion (2013 est.)

Key Export Commodities:

gold, cotton, wool, garments, meat, tobacco; mercury, uranium, electricity; machinery; shoes

Export Partners:

Uzbekistan 29.3%, Kazakhstan 28.5%, UAE 6.6%, Russia 5.9%, Afghanistan 5.8%, Turkey 5.3% (2014)

Imports:

$5.29 billion (2014 est.)

$5.614 billion (2013 est.)

Key Import Commodities:

oil and gas, machinery and equipment, chemicals, foodstuffs

Import Partners:

China 54.4%, Russia 18.1%, Kazakhstan 7.8%, Turkey 4.4% (2014)

Inflation Rate (Consumer Price Index):

7.5% (2014 est.)

6.6% (2013 est.)

Exchange Rate to USD:

soms (KGS) per US dollar -

53.654 (2014 est.)

53.654 (2013 est.)

47.01 (2012 est.)

46.144 (2011 est.)

45.964 (2010 est.)

Unemployment Rate:

8% (2013 est.)

8.4% (2012 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings