• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00197 0%
  • TJS/USD = 0.09154 -0.11%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28571 0%
11 February 2025

Viewing results 1117 - 1122 of 1184

Despite Challenges, Kyrgyzstan Showed Steady Economic Growth in 2023

Despite global uncertainties, Kyrgyzstan’s economic development in 2023 showed good results, the country’s Ministry of Economy and Commerce said on January 16th. Economic growth over the past three years averaged 6.9% — 5.5% in 2021, 9% in 2022, and 6.2% in 2023, indicating the stability of the economy and its gradual adaptation to the post-Covid world and current geopolitical uncertainty, the ministry said in a statement. According to preliminary estimates from the National Statistical Committee, in 2023 Kyrgyzstan’s gross domestic product amounted to $13.7 billion. In construction, growth was at 10.3%, in the services sector 6.2%, in industry 2.7%, and in agriculture 0.6%. Industries producing goods accounted for 32.3% of GDP, and industries providing services 50.8%. The volume of foreign trade from January-November 2023 amounted to $13.9 billion, an increase of 29% compared to January-November 2022. Kyrgyzstan’s exports amounted to $2.8 billion and increased by 36.7%, and imports amounted to $11.1 billion, up 27.2%. In the structure of trade turnover, exports accounted for 20.2%, and imports 79.8%. Kyrgyzstan’s trade with fellow member states of the Eurasian Economic Union (EEU) - Armenia, Belarus, Kazakhstan, and Russia - amounted to $3.9 billion, a decrease of 11% compared to January-November 2022. Kyrgyzstan’s largest trading partners were Russia (65.9%) and Kazakhstan (31.7%). Meanwhile, Kyrgyzstan’s trade with countries outside the EEU from January-November 2023 amounted to $10 billion, a 1.6-fold increase compared to January-November 2022.

President of Uzbekistan Sets Economic Tasks for 2024

On January 16th, President Shavkat Mirziyoyev chaired a government meeting on priority tasks for the country’s economic development in 2024. It was stated that in 2023, economic growth was at 6%, and this year the plan is to maintain growth at the same level and bring gross domestic product to $100 billion. The head of state stated that with an increase in industrial production, the added value of products did not exceed 40%, which is mainly due to dependence on imports, high energy consumption, and excessive production costs. The President ordered that 2024 be a year of efficiency and production cost reduction for leaders of the economic sector and all state-owned enterprises. This year, the task is to increase the added value of domestic products to 45%, reduce production costs by 15%, and ensure industrial growth of 7%. Another source of budget revenue is privatization. However, 484 state assets included in the privatization program have yet to be put up for auction. Therefore, the President ordered the Cabinet of Ministers to prepare a new privatization program which aims to earn $1.6 billion in revenue this year. The meeting emphasized that a pressing issue today is the shadow economy, especially in the services sector, construction, and industry. Mirziyoyev stated that the shadow economy is an obstacle to fair competition, and outlined new measures to combat it. In particular, the powers of the Department for Combating Economic Crimes under the Prosecutor General's Office will be expanded, and a separate department to tackle the shadow economy will be created within the General Prosecutor's Office. Another important issue discussed at the meeting was inflation, which was at 8.77% last year, its lowest level since 2016. This year the plan is to keep inflation below 9%. Issues of lending were also discussed, with the task being set to develop a program to lower bank interest rates on loans by at least 2-3%.

Kazatomprom Changes Work Plan for 2024

The National Atomic Company of Kazakhstan, Kazatomprom has announced that it was forced to make changes to its production plan for the current year. The main reason for the changes was a reduction in the supply of substances needed for uranium mining in Kazakhstan. In addition, it is reported that the heads of the nuclear company recognized the impossibility of implementing the approved plans to create the infrastructure necessary for new mines. The news was published by the official press service of the National Atomic Company. In 2022, the management of Kazatomprom announced the successful conclusion of a number of contracts and laid out a plan to increase uranium production over the next 2-3 years. In figures, it was set to produce 80% of the subsoil use contracts in 2023, and 90% in 2024. However, it became clear that these plans were not feasible due to concerns about increasing production. They were also rendered impossible due to changes in global imports, meaning Kazakhstan was unable to establish a supply chain of key materials and reagents for the plant, and alternative sources of necessary materials are yet to be found. Kazatomprom's press service also reported that a shortage of sulfuric acid is expected in 2024. The management of the National Atomic Company reports that it hopes to fulfill all its obligations to customers and will make every effort to do so. However, the 2025 development plan may also be revised if the supply problem persists. Changes to the current year's plan will be submitted by February 1st.

Kazakhstan’s Foreign Debt Inches Upwards

The external debt of Kazakhstan has reached $161.9 billion, an increase of $1.3 billion over the past year to October 2023, according to the National Bank of Kazakhstan. The main creditors of Kazakhstan are the Netherlands ($42.5 billion), Great Britain ($14 billion), international organizations ($13 billion), Russia ($12.5 billion), the USA ($11.3 billion), France ($11.2 billion), Bermuda ($9.4 billion), and China ($9.2 billion). Considering the structure of Kazakhstan's external debt as a whole, the bulk of loans is occupied by inter-company debt ($92.2 billion), obligations of other sectors ($44.4 billion), Government bodies ($12.5 billion), the banking sector ($10.6 billion), and the National Bank ($2.1 billion). According to the latest data, the volume of total external debt of all countries in the world by the end of 2022 reached a record $92 trillion. As of April of last year, the countries with the highest national debt in the world were considered to be the U.S.A. ($29.46 trillion), Japan ($13.05 trillion), China ($10.12 trillion), France ($3.3 trillion), and Italy ($3.17 trillion). In terms of its debt to GDP ratio, Kazakhstan ranks in a respectable 148th position with a debt to GDP ratio of 27.4% as compares to first place Japan, which has a debt to GDP ratio of 262%. Earlier, the Ministry of the National Economy of Kazakhstan proposed setting a limit on the external debt for 2024 for Samruk-Kazyna and the national holding, Baiterek - the two companies which most often borrow from other countries. This limit would be in the amount of almost $12.5 billion for Samruk-Kazyna, and just over $5 billion for Baiterek. In spring of the last year, President Tokayev declared that for Kazakhstan to reach the category of countries with high level incomes, the economy of the country would need to grow 6% annually. As of November of last year, this indicator was at 4.9%.

Kyrgyzstan Budget Surplus for 2024

The President of the Kyrgyz Republic has signed a law "On the Republican Budget of the Kyrgyz Republic for 2024 and the planning period of 2025-2026." According to the data, this year the budget had a surplus with revenues amounting to $4,242,215,000, against expenditures of $4,120,000,000. The authorities want to use the surplus towards operations with financial assets and to cover state debt. According to the Ministry of Finance, the national debt of the republic as of September 2023 amounted to $5,987,000,000, Approximately $60 million dollars was spent on its servicing debt last year. In 2024, the authorities plan to allocate $74 million dollars from the state budget for the servicing and payment of debt. "To confidently pass the stage of peak payments on the state debt, we have projected the budget policy in terms of the formation of surpluses. This gives us the opportunity to service the debt without borrowing," Finance Minister Almaz Baketayev stated. The Kyrgyz state budget is so stable today that there are no doubts about servicing the national debt, he said. In Kyrgyzstan, Baketaev emphasized, all payments are made on time and in full, and external debt is decreasing The Ministry of Finance said that part of the surplus will be used to increase the state's share in local joint stock companies and to provide budget loans to domestic companies. Almost 40% of the nation’s external debt is owed to the Export-Import Bank of China. The authorities took these loans mainly for construction projects, the repair of roads, and rehabilitation of the electricity network.

Kazakhstan Looks to Increase E-Commerce Share to 20%

The further development of e-commerce in Kazakhstan was considered at a government meeting on January 16th, chaired by Prime Minister Alikhan Smailov. The Minister of Trade and Integration, Arman Shakkaliev reported that in 2023 the volume of e-commerce in Kazakhstan exceeded 2.2 trillion tenge ($4.8 billion), equating to 13% of all retail trade, a 0.5% rise on the previous year. Household goods, clothing and footwear, food, cosmetics, and medicines are the most popular goods purchased online. The Ministry is looking to increase the share of e-commerce to 20% by 2030 by expanding the representation of domestic goods on popular marketplaces, developing warehouse and logistics infrastructure, and protecting consumer rights. The Prime Minister noted that globally, by 2025 the share of online trade is expected to exceed 25% of total retail. In Kazakhstan, a significant market share is occupied by foreign online marketplaces. “We must use this opportunity as an additional sales channel for Kazakh products on the world stage. At the same time, we need to develop domestic online stores. To do this, it is necessary to ensure the uninterrupted operation of payment systems, transport and logistics infrastructure, and courier services,” Smailov said. The Prime Minister instructed the relevant bodies to find effective solutions for the development of domestic online stores and broader representation of domestic commodity producers on foreign online marketplaces within a month. “We need our own bonded warehouses, which would simplify the process of delivering goods to both domestic customers and foreign ones. Therefore, it is necessary to launch the construction of bonded warehouses in Astana, Almaty, and Shymkent this year,” Smailov said.