Chairman of the Cabinet of Ministers Akylbek Japarov announced in parliament on November 14 that Kyrgyzstan’s GDP exceeded a historical high of 1.3 trillion KGS in 2023 and is projected to reach 1.5 trillion KGS ($17.35 billion) by the end of the year. Presenting the state budget execution for 2023 and the draft budget for 2025, Japarov reported a 9% real GDP growth rate for 2023, consistent with the growth rate in 2022. For context, Kyrgyzstan’s GDP growth was 7% in 2021.
Japarov offered a conservative forecast for 2024, predicting 9.2% GDP growth. “If we divide GDP per capita, then in 2020, this figure was $1,200, and in 2024, it will exceed $2,500,” he noted. The average monthly wage in Kyrgyzstan has risen steadily from $239 (20,249 KGS) in 2021 to $316 (26,620 KGS) in 2022 and $376 in 2023. By the end of 2024, it is expected to reach $415 (35,791 KGS).
From January to September 2024, Kyrgyzstan’s foreign trade volume was $12.1 billion, an 8.4% increase. Exports grew by 28.2%, totaling $2.8 billion, while imports rose by 3.7%, amounting to $9.3 billion.
Inflation has significantly decreased, dropping from 14.7% in 2022 to 7.3% in 2023, and reaching 4.2% from January to October 2024.
Japarov also highlighted the growth of Kyrgyzstan’s industrial sector, attributing it to investments and government support. By the end of 2024, more than 150 new enterprises are expected to open, with total investment projected at $2.2 billion and an estimated 19,000 jobs created.
Further, for the first time since independence, Kyrgyzstan has started producing cars, standard gold bars, and new types of medicines.
In the energy sector, Japarov reported that small hydroelectric power plants with a combined capacity of 48.3 MW were brought online in 2024. Additionally, solar and wind power projects are underway, alongside the reconstruction of the Toktogul hydroelectric power plant, the country’s largest.
