Kyrgyz GDP declines by 10.7% y/y in January

By bne IntelliNews February 11, 2016

Kyrgyzstan’s annual GDP declined by 10.7% y/y in January, down from a growth of 8.4% y/y in January 2014, according to figures published by the National Statistical Committee on February 10.

The figures show that the decline in GDP was mostly driven by a decline in the volume of production at the flagship gold mine Kumtor in January - without Kumtor’s operations the GDP declined by 1.5% y/y. The statistical committee didn’t provide figures for the mine’s output in January. According to the company, it produced 520,695 ounces of gold in 2015, an 8.2% decrease y/y. It plans to produce between 480,000 and 530,000 ounces of gold this year.

The rest of the decline in GDP was driven by industrial production, which fell by 8.4% y/y without accounting for Kumtor and by 40.7% y/y with Kumtor, and utilities (-10.7% y/y), the statistics office’s figures show.

At the same time, the country recorded annual consumer price inflation (CPI) of 1.8% in January, against 1.6% a year earlier. The country’s average monthly wage amounted to KGS13,277 (€160), up by 9.2% y/y, while the number of registered unemployed declined by 2.6% y/y to 56,500.

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