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. 1996 Index
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Kyrgyzstan Economy 1996
Kyrgyzstan is one of the smallest and poorest states of the former Soviet
Union. Its economy is heavily agricultural, growing cotton and tobacco on
irrigated land in the south and grain in the foothills of the north and
raising sheep and goats on mountain pastures. Its small and obsolescent
industrial sector, concentrated around Bishkek, has traditionally relied on
Russia and other CIS countries for customers and industrial inputs,
including most of its fuel. Since 1990, the economy has contracted by almost
50% as subsidies from Moscow vanished and trade links with other former
Soviet republics eroded. At the same time, the Kyrgyz government stuck to
tight monetary and fiscal policies in 1994 that succeeded in reducing
inflation from 23% per month in 1993 to 5.4% per month in 1994. Moreover,
Kyrgyzstan has been the most successful of the Central Asian states in
reducing state controls over the economy and privatizing state industries.
Nevertheless, restructuring proved to be a slow and painful process in 1994
despite relatively large flows of foreign aid and continued progress on
economic reform. The decline in output in 1995 may be much smaller, perhaps
5%, compared with an estimated 24% in 1994.
GDP - purchasing power parity - $8.4 billion (1994 estimate as extrapolated
from World Bank estimate for 1992)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
5.4% per month (1994 est.)
0.7% includes officially registered unemployed; also large numbers of
unregistered unemployed and underemployed workers (1994)
$NA, including capital expenditures of $NA
$116 million to countries outside the FSU (1994)
wool, chemicals, cotton, ferrous and nonferrous metals, shoes, machinery,
tobacco
Russia 70%, Ukraine, Uzbekistan, Kazakhstan, and others
$92.4 million from countries outside the FSU (1994)
grain, lumber, industrial products, ferrous metals, fuel, machinery,
textiles, footwear
growth rate -24% (1994 est.)
small machinery, textiles, food-processing industries, cement, shoes, sawn
logs, refrigerators, furniture, electric motors, gold, and rare earth metals
wool, tobacco, cotton, livestock (sheep, goats, cattle), vegetables, meat,
grapes, fruits and berries, eggs, milk, potatoes
illicit cultivator of cannabis and opium poppy; mostly for CIS consumption;
limited government eradication program; used as transshipment point for
illicit drugs to Western Europe and North America from Southwest Asia
IMF aid commitments were $80 million in 1993 and $400 million in 1994
introduced national currency, the som (10 May 1993)
soms per US$1 - 10.6 (yearend 1994)
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