October 2023. Kyrgyz Republic: Social and Economic Development in the first half of 2023 and medium-term prospects

Economic growth in the Kyrgyz Republic slows down in the first half of 2023 due to a decline in gold production and a slowdown in agricultural output. Fixed capital investment and services remain the key drivers of economic growth. Inflation peaked in February 2023 amid high global commodity prices and transportation costs. In June 2023, consumer inflation slowed amid lower global food prices and the NBKR rate remaining high. The widening current account deficit continued to be balanced by unrecorded currency flows in the balance of payments (errors and omissions item), as evidenced by the absence of strong pressure on the exchange rate. The state budget was formed with a surplus thanks to growing revenues from VAT, excise duties and import duties. The banking sector continued to demonstrate high profitability on the growth of credit.

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