The European Bank for Reconstruction and Development (EBRD) reduced its prediction for Kyrgyzstan, according to “AKIpress” News Agency.
The EBRD forecasted 7% GDP growth in 2023 and 7.2% growth in 2024 in May. According to the September prediction, growth would be 4.6% in 2023 and 7% in 2024.
Economic growth fell to 2.9% year on year in the first seven months of 2023, owing to a 11.7 percent year on year decrease in base metals (mostly gold), which account for more than 58% of the country’s industrial output.
Agriculture also shrank (by 1.7% year over year). In contrast, the textile industry expanded (40.2%) due to very high foreign demand.
A significant increase in tourism resulted in high growth in food production (up 22.5% from January to July 2023), hotels, restaurants, and catering (up 26.7% year on year), and retail and wholesale commerce (up 14.5%).
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