BISHKEK (24.kg news agency) – Kyrgyz economy growth for the first quarter of 2015 amounted by 7.7%. Collected taxes jumped by 10.5% compared to last year.

Dzhoomart Otorbaev

Declaring theses figures last Monday at the presentation of private sector development program for 2015-2017 years, the Kyrgyz Prime Minister Dzhoomart Otorbaev declared: “Today, the state receives from the business more than it gives. But we entirely fulfil all our social obligations. As a result, we have to thank those who have contributed to this process. We must do more so entrepreneurs could work efficiently and comfortably.”

Growth in Kyrgyzstan slowed to 3.6% in 2014 as the economies of the Russian Federation and Kazakhstan weakened, while local currency depreciation of about 19% pushed inflation to 7.5%. With economic contraction expected in the Russian Federation, ADB predicts that growth will likely slow further to 1.7% in 2015 before recovering slightly to 2.0% in 2016 as the external environment shows some improvement. Inflation will likely reach or exceed 10%, and the current account deficit 15% of GDP.