Kyrgyzstan's economy contracts 5.6% in H1, inflation at 0.9%
BISHKEK. July 23 (Interfax) - Kyrgyzstan's GDP fell 5.6% year-on-year in the first half of 2012 and measured KGS114.919 billion (over $2.4 billion), the National Statistics Committee reported.
Industry made up 16.6% of GDP (25% in January-June 2011), trade and repair of automobiles, household and personal items made up 16.4% (16.1%), transport and communications 9.7% (9.4%), agriculture 12.9% (10.8%), construction 4.3% (3.7%) and taxes 14.8% (12.2%).
Consumer price inflation was 0.9% in the first half of 2012. Inflation in June slowed by 0.9 percentage points compared to May, to 0.4%.
Prices in the first half fell by 3.1% for foodstuffs (rose 11.9% in January-June 2011), but rose 4% for nonfood goods (3.4%) and 4.9% for services (3.9%). Prices in June dropped 1.3% for foodstuffs compared to May, but went up by 0.2% for both nonfood goods and services.
Industrial production plunged by 31.6% to KGS53.639 billion. Production grew 6.6% to KGS2.1 billion in extractive sectors, and 13% in electricity, gas and water supply. Electricity production rose 5.5% to 8.031 billion kWh.
The manufacturing sector, however, tumbled 42.6%, as production fell 62.5% in the metallurgical sector and production of finished metal products; 21% in the textile and garment industry; 1.6% in production of electrical, electronic and optical equipment; and 10.5% for oil products. However, production rose 3.3% for food products; 40.3% in the chemical industry; 11.1% for other nonmetallic mineral products; 10.4% for machinery and equipment; and 11.9% for rubber and plastic products.
Agricultural production grew 1.2% to KGS44.059 billion.
Kyrgyzstan's foreign trade deficit widened by 97% to $1.275 billion rubles in the first five months of 2012, from $646.7 million in the same period of 2011.
The foreign trade turnover grew 18.8% to $2.547 billion, with exports dropping 15.1% to $636.1 million while imports rose 36.9% to $1.911 billion. Countries outside the CIS accounted for 47.5% of the foreign trade turnover, and CIS countries made up 52.5%. Trade with CIS countries jumped 43.1%, while trade with other countries was flat. Kyrgyzstan had a trade deficit of $617.1 million with CIS countries and $657.5 million with other countries.
The Kyrgyz som's average exchange rate against the U.S. dollar was KGS46.87/$1 in the first half of 2012.
Kyrgyzstan's GDP grew 5.7% in 2011, including 4.9% in the first half. Industrial production increased by 11.9% last year, and inflation slowed to 5.7% from 19.2% in 2010.
