FAX: [996] (312) 551-264
Flag description:
red field with a yellow sun in the center having 40 rays representing the 40 Kyrgyz tribes; on the obverse side the rays run counterclockwise, on the reverse, clockwise; in the center of the sun is a red ring crossed by two sets of three lines, a stylized representation of the roof of the traditional Kyrgyz yurt
Economy ::Kyrgyzstan
Economy - overview:
Kyrgyzstan is a poor, mountainous country with a predominantly agricultural economy. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. Industrial exports include gold, mercury, uranium, natural gas, and electricity. Following independence, Kyrgyzstan was progressive in carrying out market reforms such as an improved regulatory system and land reform. Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Drops in production had been severe after the breakup of the Soviet Union in December 1991, but by mid-1995, production began to recover and exports began to increase. The economy is heavily weighted toward gold export and a drop in output at the main Kumtor gold mine sparked a 0.5% decline in GDP in 2002 and a 0.6% decline in 2005. The government made steady strides in controlling its substantial fiscal deficit, nearly closing the gap between revenues and expenditures in 2006, before boosting expenditures more than 20% in 2007-08. The government and international financial institutions have been engaged in a comprehensive medium-term poverty reduction and economic growth strategy. In 2005, Bishkek agreed to pursue much-needed tax reform and, in 2006, became eligible for the heavily indebted poor countries (HIPC) initiative. Progress fighting corruption, further restructuring of domestic industry, and success in attracting foreign investment are keys to future growth. GDP grew more than 6% annually in 2007-08, partly due to higher gold prices internationally, but growth is likely to decline from that level in 2009, due to declining demand and lower commodity prices in the wake of the international financial crisis.
GDP (purchasing power parity):
$11.64 billion (2008 est.) country comparison to the world: 144 $10.82 billion (2007 est.)
$9.971 billion (2006 est.)
note: data are in 2008 US dollars