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Kyrgyzstan’s economic week – Nov. 12-19, 2018

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About budget deficit. The draft law “On Amendments to the Law on the republican budget of the Kyrgyz Republic for 2019 and the forecast for 2020-2021” is discussed at the enlarged meeting of the Committee on Budget and Finance of the Kyrgyz Parliament.

Prime Minister Mukhammedkalyi Abylgaziev said that the bill was developed in order to ensure the long-term sustainability of the budget and effective management of the budget process in 2019-2021.

He said that the total revenues of the republican budget, taking into account grants from state investments in 2019, are provided in the amount of 151 billion 454 million soms or 25% of GDP. In nominal terms, revenues of the republican budget in relation to the approved budget of 2018 will increase by 7.5%.

GDP growth. “In 2019, real GDP growth in Kyrgyzstan is projected at 4%, which will be provided by the contribution of such sectors of the economy as services, construction, agriculture and industry,” Prime Minister Abylgaziev said during an expanded meeting of Committee on Budget and Finance of the Kyrgyz Parliament.

Abilgaziyev informed that by the end of 2017, the volume of GDP was 520.9 billion som, the real growth rate of the economy was 4.6%, with a forecast value of 3.5%.

Share of sewing. The garment and textile industry of Kyrgyzstan ranks 3rd after gold and agriculture in the country's economy.

Deputy Minister of Economy of the Kyrgyz Republic Eldar Abakirov said that in 2017 exports of clothing products amounted to 8 billion soms, an increase made 19%.

“For 8 months of 2018, exports amounted to 8 billion 80 thousand soms, an increase made 20%. Russia remains the main market - 80-90%, Kazakhstan is in second place,” he explained.

The share of the clothing industry within GDP made 13.5% in 2017, in the first half of 2018 - 25%.

Livestock indicators. In Kyrgyzstan, a 2.3% increase in the production of gross livestock production in 2017 compared to 2016 was due to an increase in the number of cattle, horses and poultry.

According to data of the National Statistics Committee of the Kyrgyz Republic, in 2017, households of the republic of all categories produced 216.6 thousand tons of meat (slaughter weight), which is 2.0% more than the previous year and 12.1% - than in 2013.

Of the total meat produced (in terms of slaughter weight), 47.8% are beef, 29.5 - lamb, 11.5 - horse meat, 7.6 - pork, 3.5% - poultry meat and 0, 1% rabbit meat.

More products. In January-September 2018, industrial entities of Kyrgyzstan produced goods totaling 167 billion 981.6 million soms, with an index of physical volume - 95.3%.

According to data of the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic, including those without enterprises for the development of the Kumtor deposit - 107 billion 627.6 million soms, with index of physical volume - 101.6%. In September 2018, 32 manufacturing enterprises resumed production, including:

- 5 enterprises of food and processing industry;

- 11 enterprises of light industry;

- 4 enterprises for the production of building materials and other industries.

Coal export. In January-September 2018, the share of mining in the total volume of industrial production was 6.8%, manufacturing industries - 76.5%, provision of electricity, gas, steam and conditioned air - 15.5%, water supply, cleaning, waste treatment and obtaining secondary raw materials -1.2%.

According to data of the State Committee for Industry, Energy and Subsoil Use of the Kyrgyz Republic, the volume of mineral extraction in January-September 2018 amounted to 11 billion 457 million soms, and the index of physical volume by January-September 2017 made 63.3%. The decline in industrial production was due to a decline in the extraction of metal ores by 65.9%. Along with this, there was an increase in the production of crude oil and natural gas - by 23.7%, hard and brown coal (lignite) - by 16.8%, and other minerals - by 11.4%. The decline in the production of metal ores from the beginning of this year is due to the release to horizons with a lower ore content.

Foreign trade turnover. The foreign trade turnover of Kyrgyzstan in January-September 2018 amounted to $ 4.8 billion and increased by 7.3% compared to the same period in 2017.

According to data of head of the Trade Statistics Department of the National Statistical Committee Venera Mambetalieva, exports decreased by 3.1%, while import revenues, by contrast, increased by 11.2%.

Mambetalieva said that the largest volume of exports was sent to the UK and amounted to $ 386.7 million, which is 32.8%.

Public debt. The public debt of Kyrgyzstan as of October 1, 2018 amounted to 4 billion 364 million 820 thousand.

According to data of the Ministry of Finance of the country, the external debt of the country is $ 3 billion 764 million 480 thousand.

The main holder of our debt is China - 44.7% of foreign debt. The debt to Japan is 6.3%, Germany - 2.2%. This is a bilateral loan. The multilateral ones: the debt to the IMF is 4.7%, ADB - 15.3%, and the International Association of Credits - 17.3%.

The average salary in the Kyrgyz Republic. The average salary in Kyrgyzstan as of October 1 made 15 thousand 52 soms (about $215).

Head of the department of consolidated work and dissemination of statistical information of the National Statistical Committee of the Kyrgyz Republic Chinara Turdubaeva noted that compared to the same period in 2017, the figure increased by 6.3%.

“The most significant increase in growth rates is observed in such areas as construction, communications, public administration, defense, social security operations, real estate and scientific and technical activities, etc.,” she said.

Customs payments. With the accession of Kyrgyzstan to the Eurasian Economic Union, there has been an annual increase in customs payments to the state budget.

According to data of the State Customs Service of the Kyrgyz Republic, in 2015, 20.8 billion soms were received from the third countries, in 2016 - 29.3 billion soms, the growth rate over these years was 141%.

Last year, 34.2 billion soms were received compared with 2016, payments increased by 5 billion soms, 117%.

The last two years, there has been an annual increase in customs payments on average more than 6.5 billion soms.

This year, the forecast of customs duties was approved in the amount of 43.5 billion soms.

Moratorium on checking. The Government assigned theMinistry of Economy of the Kyrgyz Republic to impose a moratorium for 2 years on inspections of business entities. The Ministry of Economy of the Kyrgyz Republic has developed a draft decree of the Government “On the introduction of a temporary ban (moratorium) on inspections conducted by authorized bodies having the right to conduct inspections of business entities”, according to the list approved by the decree of 10 November 2016.

The main purpose of this innovation is to support the economic activities of business entities, ensure their legal protection, eliminate unreasonable and unnecessary interference of state regulatory bodies in the activities of business entities, as well as in the framework of measures to create a favorable investment environment.

Digital assets. The blockchain technology project officially launched this week in Kyrgyzstan, within the framework of the digitization of the Chinese company Central Asia International.

According to president of Digital Stock Exchange CJSC Yue Hefu, the digital asset exchange system is starting its work today. “The Blockchain Institute has developed a digital system, a project that has been completed and is successfully launched. This institute was developed and adapted for Kyrgyzstan, it will allow to develop the economy of the country, and will become advanced throughout Central Asia. We will educate the new generation, teach them the blockchain technologies and they will be able to show their knowledge in any profession in the future,” he said.

Light industry in focus. The Government of the Kyrgyz Republic attaches great importance to the support and development of light industry, which is one of the priority sectors of the country's economy, ”said Prime Minister Mukhammedkalyi Abylgaziev speaking at the forum“ Creating favorable conditions for enhancing the national importance and image of the textile and garment industry of the Kyrgyz Republic ” within the Week of textile and sewing industry of the Kyrgyz Republic.

The Prime Minister stressed that the government intends to continue working with businesses to raise the standards of production and products to ensure their compliance with international requirements.

“We consider the sewing industry as a good opportunity for“ green development ”of our country, while ensuring the safety of the environment, the environment and public health,” said Abylgaziev.

Kabar News Agency

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