Economy of Kyrgyzstan

Economy of Kyrgyzstan

Osh Bazaar selling foods in Bishkek
Currency	Kyrgyz som (KGS)
Fiscal year	Calendar year
Trade organisations	WTO, CIS, EAEU, ECO, SCO, CISFTA
Country group	Developing/Emerging[1] Lower-middle income economy[2]
Statistics
Population	6,651,795 (2020)[3]
GDP	$13.661 billion (nominal, 2024)[4] $47.588 billion (PPP, 2024)[4]
GDP rank	148th (nominal, 2023) 127th (PPP, 2023)
GDP growth	6.3% (2022) 3.4% (2023) 4.3% (2024)[4]
GDP per capita	$1,800 (nominal, 2023)[4] $6,400 (PPP, 2023)[4]
GDP per capita rank	153rd (nominal, 2023) 142nd (PPP, 2023)
GDP by sector	Agriculture: 14.6% Industry: 31.2% Services: 54.2% (2017 est.)[5]
Inflation (CPI)	11.7% (2023)[4]
Population below poverty line	22.4% below poverty line (2018)[6] 19.1% on less than $3.20/day (2020f)[7]
Gini coefficient	27.7 low (2018)[8]
Human Development Index	0.692 medium (2021)[9] (122nd) 0.627 medium IHDI (71st) (2021)[9]
Labour force	2,635,977 (2020)[10] 56.1% employment rate (2018)[11]
Labour force by occupation	Agriculture: 48% Industry: 12.5% Services: 39.5% (2005 est.)[5]
Unemployment	6.2% (2018)[12] 14.2% youth unemployment (2018)[13]
Main industries	small machinery, textiles, food processing, cement, shoes, lumber, refrigerators, furniture, electric motors, gold, rare earth metals
External
Exports	$1.84 billion (2022 est.)
Export goods	Agricultural products 11.3% Fuels and mining products 9.5% Manufacturers 22.7% Others 56.5%[14]
Main export partners	United Kingdom 19.9%  Kazakhstan 18.1%  Russia 17.3%  United Arab Emirates 9.1%   Switzerland 7.8%  Uzbekistan 7.7%  China 4.7%  Turkey 3.9%  Thailand 1.5%  Germany 1.1% (2021)[15]
Imports	$7.797 billion (2022 est.)[5]
Import goods	Agricultural products 13.4% Fuels and mining products 10.8% Manufacturers 69.7% Others 6.1%[14]
Main import partners	China 53.8%  Russia 18.3%  Uzbekistan 6.4%  Turkey 6.2%  Kazakhstan 5.1%  United Arab Emirates 1.5%  South Korea 0.9%  Belarus 0.7%  United States 0.5%  India 0.4% (2021)[16]
FDI stock	$6.003 billion (31 December 2017 est.)[5] Abroad: $709.3 million (31 December 2017 est.)[5]
Current account	−$306 million (2017 est.)[5]
Gross external debt	$5.164 billion (31 September 2022 est.)[5]
Public finances
Government debt	41% of GDP (2022 est.)[5]
Budget balance	−3.2% (of GDP) (2017 est.)[5]
Revenues	2.169 billion (2017 est.)[5]
Expenses	2.409 billion (2017 est.)[5]
Economic aid	$49 million from the US (2001)
Foreign reserves	$2.177 billion (31 December 2017 est.)[5]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium.^[17] The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th (as of 2019) on the ease of doing business index.