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Kyrgyzstan

 
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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

 

Kyrgyzstan - TABLE OF CONTENTS

  • Introduction
  • Chapter 2. Kyrgyzstan


  • Go Up - Top of Page



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