|
Kyrgyzstan
Economy
Gross National Product (GNP): In 1993, estimated
at US$2.77 billion, US$590 per capita, declining steadily in early
and mid-1990s. In 1994 growth rate -26.2 percent. Economic growth
stopped by insufficient privatization and restructuring, Soviet-era
banking system, and rampant corruption.
Agriculture: Heavily state controlled, reducing
profitability and encouraging subsistence farming; irrigation
necessary for more than 70 percent of land. Main use of land livestock
raising; main crops corn, wheat, barley, vegetables, potatoes,
and sugar beets. Bank credits and input materials scarce for farmers;
severe output decline 1991-95.
Industry and Mining: Production decline 58 percent,
1992-94, caused by energy shortage and loss of Russian skilled
workers. Political pressure maintains unprofitable Soviet-era
state enterprises. Main industries machine building, textiles,
food processing, electronics, and metallurgy. Iron ore, copper,
gold, lead, zinc, molybdenum, mercury, and antimony are mined.
Energy: Insignificant oil and natural gas deposits,
and coal deposits not fully exploited. In 1994, some 39 percent
of imports were fuels. Coal-powered thermoelectric power pro-duction
replaced by hydroelectric power, early 1990s; emphasis on electric
power based on abundant water power, providing exportable power
bartered for coal from Kazakstan.
Exports: In 1994, value US$339 million. Main
commodities wool, hides, cotton, electric power, electronics,
metals, food products, and shoes. Main partners Russia, Ukraine,
Uzbeki-stan, Kazakstan, and China. Export taxes and licensing
sub-stantially relaxed by 1995.
Imports: In 1994, mainly fuels, construction
materials, ferrous metals, pharmaceuticals, chemicals, and machinery.
Main suppliers Russia, Kazakstan, Uzbekistan, and China. Import
licenses and tariffs liberalized, 1994. Value US$347 million,
1994.
Balance of Payments: In 1992, deficit US$147.5
million.
Exchange Rate: Som introduced as national currency,
May 1993, with floating exchange rate. Early 1996, eleven som
per US$1.
Inflation: Hyperinflation (1,400 percent per
year), 1992 and 1993; rate about 180 percent 1994; 1995 government
target 55 percent; value of som supported by international banks
beginning in 1993, and price controls reintroduced 1993.
Fiscal Year: Calendar year.
Fiscal Policy: Drastic tax revenue shrinkage
caused revenue crisis and reduced government spending, 1994; widespread
tax reform program in place 1995, focusing on enforcement and
new land and excise taxes.
Data as of March 1996
|
