24 Mar 2023 11:50

Kyrgyzstan 2022 GDP increases 7% - preliminary data

BISHKEK. March 24 (Interfax) - Kyrgyzstan's 2022 GDP increased 7% to 919.4 billion som, or $10.5 billion, Akylbek Zhaparov, Chairman of the Cabinet of Ministers, said, citing preliminary data.

"According to the results of 2022, the country's GDP, according to preliminary statistics, totaled 919.4 billion som; the real growth rate was 107%. We confidently closed in on the GDP mark of 1 trillion som," Zhaparov said at the meeting of the Coordinating Council for Macroeconomic and Investment Policy on Friday.

In conditions of economic instability and uncertainty, a number of international institutions had predicted a fall in Kyrgyzstan's GDP, Zhaparov said. Despite these forecasts, the Kyrgyz economy showed positive dynamics throughout the reporting period.

The International Monetary Fund improved the forecast for economic growth in Kyrgyzstan in 2023 from 3.2% to 3.5% and in 2024 from 3.5% to 3.8%, he added. The World Bank also upgraded its forecast for 2023 growth to 3.5% from 3.4%; 2024 growth is projected at 4%.

It was ultimately decided at the meeting to support the proposed baseline socio-economic scenario for the development of Kyrgyzstan for the medium term, according to which the economic growth rate in 2023 is expected to be 4.5%.

In 2021, Kyrgyzstan's GDP increased 3.6% after falling 8.4% in 2020.