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Friday 13 September 2019

Economic Growth Slows Down in Kyrgyzstan


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BISHKEK (24.kg) — Economic growth in Kyrgyzstan remains high as a result of August, but it slowed down for the first time in three months. Moreover, depending on whether or not gold production is taken into account, all final indicators differ almost by a factor of two.

According to the results of January-August 2019, the GDP of Kyrgyzstan amounted to 334,566.6 bln. Compared to 2018, it grew by 6.2%. However, its growth slowed down by 0.7%. Excluding the Kumtor mine, GDP amounted to 298,463.2 bln soms, representing growth of only 3% and a slowdown of 0.1%.

Due to the high gold mining rates this year, industrial production is also growing steadily. But without Kumtor, indicators are tending in the opposite direction.

In January-August 2019, Kyrgyzstan has manufactured industrial products for 169,570.7 billion soms. This is 17 percent more than in 2018. But a low base effect also has its influence. The closer is to the end of the year, the more modest the growth becomes. In just a month, the growth in industrial production slowed down by 2%.

In January-August 2019, Kyrgyzstan produced 169,570.7 bln som in industrial products. This is 17% more than in 2018. But a small base effect also has its influence. As the end of the year approaches, growth becomes more modest. In just one month, industrial production growth slowed by 2%.

According to the National Statistics Committee, the growth in industrial production between January and August 2019 is due to an increase in base metal production, textile production, metal ore extraction, crude oil and natural gas extraction, chemical production and coal production. At the same time, production of petroleum products (46.1%) and pharmaceuticals (14.8%) decreased.

Without the companies for the development of Kumtor, the volume of industrial production amounted to 92,016.96 bln som for eight months. Compared to 2018, the decrease was 2%.

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