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Kyrgyzstan Economy 1996

    • Overview:
      Kyrgyzstan is one of the smallest and poorest states of the former Soviet Union. Its economy is heavily agricultural, growing cotton and tobacco on irrigated land in the south and grain in the foothills of the north and raising sheep and goats on mountain pastures. Its small and obsolescent industrial sector, concentrated around Bishkek, has traditionally relied on Russia and other CIS countries for customers and industrial inputs, including most of its fuel. Since 1990, the economy has contracted by almost 50% as subsidies from Moscow vanished and trade links with other former Soviet republics eroded. At the same time, the Kyrgyz government stuck to tight monetary and fiscal policies in 1994 that succeeded in reducing inflation from 23% per month in 1993 to 5.4% per month in 1994. Moreover, Kyrgyzstan has been the most successful of the Central Asian states in reducing state controls over the economy and privatizing state industries. Nevertheless, restructuring proved to be a slow and painful process in 1994 despite relatively large flows of foreign aid and continued progress on economic reform. The decline in output in 1995 may be much smaller, perhaps 5%, compared with an estimated 24% in 1994.

    • National product:
      GDP - purchasing power parity - $8.4 billion (1994 estimate as extrapolated from World Bank estimate for 1992)

    • National product real growth rate:
      -24% (1994 est.)

    • National product per capita:
      $1,790 (1994 est.)

    • Inflation rate (consumer prices):
      5.4% per month (1994 est.)

    • Unemployment rate:
      0.7% includes officially registered unemployed; also large numbers of unregistered unemployed and underemployed workers (1994)

    • Budget:


        $NA, including capital expenditures of $NA

    • Exports:
      $116 million to countries outside the FSU (1994)

        wool, chemicals, cotton, ferrous and nonferrous metals, shoes, machinery, tobacco

        Russia 70%, Ukraine, Uzbekistan, Kazakhstan, and others

    • Imports:
      $92.4 million from countries outside the FSU (1994)

        grain, lumber, industrial products, ferrous metals, fuel, machinery, textiles, footwear

        other CIS republics

    • External debt:

    • Industrial production:
      growth rate -24% (1994 est.)

    • Electricity:

        3,660,000 kW

        12.7 billion kWh

        consumption per capita:
        2,700 kWh (1994)

    • Industries:
      small machinery, textiles, food-processing industries, cement, shoes, sawn logs, refrigerators, furniture, electric motors, gold, and rare earth metals

    • Agriculture:
      wool, tobacco, cotton, livestock (sheep, goats, cattle), vegetables, meat, grapes, fruits and berries, eggs, milk, potatoes

    • Illicit drugs:
      illicit cultivator of cannabis and opium poppy; mostly for CIS consumption; limited government eradication program; used as transshipment point for illicit drugs to Western Europe and North America from Southwest Asia

    • Economic aid:

        IMF aid commitments were $80 million in 1993 and $400 million in 1994

    • Currency:
      introduced national currency, the som (10 May 1993)

    • Exchange rates:
      soms per US$1 - 10.6 (yearend 1994)

    • Fiscal year:
      calendar year

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