Kyrgyz Economy Surges by 8.6% in Early 2024: National Statistical Committee Reports
The Kyrgyz economy has witnessed substantial growth since the beginning of the year, with a remarkable surge of 8.6%, according to preliminary estimates released by the National Statistical Committee on Tuesday.
During the period of January-February 2024, the gross domestic product (GDP) of Kyrgyzstan reached 155.5 billion soms, equivalent to over 1.7 billion US dollars. This significant increase of 8.6% is in comparison to the same period in 2023.
Key sectors have contributed to this economic upswing, with industrial production witnessing a notable 7.8% increase year-on-year. This growth is attributed to heightened production levels across various sectors, including a remarkable 1.6-fold surge in the production of wooden, paper, and printing products, a substantial 30.3% surge in rubber, plastic products, and building materials, as well as significant increases in chemical products by 27.7%, pharmaceutical products by 16.8%, food products and tobacco products by 16.3%, and basic metals by 11.1%.
Encouraging trends have also been noted in other sectors, with construction soaring by 39.5%, wholesale and retail trade increasing by 22.9%, agriculture experiencing a growth of 1.4%, and the hotel and restaurant business seeing a surge of 16.8%.
Furthermore, in February 2024, compared to December 2023, consumer prices and tariffs across the republic as a whole witnessed a moderate increase of 1%.
The data reflects a positive trajectory for the Kyrgyz economy, showcasing resilience and promising prospects for further development in the coming months.
