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    World

    Kyrgyzstan's shadow economy amounts to over $2.6mn in 2022

    Kyrgyzstan's shadow economy amounts to over $2.6mn in 2022

    In 2023, the National Statistics Committee of Kyrgyzstan undertook the task of recalculating data from 2019 to 2022, aligning it with the international standard of the System of National Accounts 2008. The results of this recalculation revealed that the volume of the unregistered (shadow) economy in Kyrgyzstan in 2022 was over KGS 206bn ($2.6 mn), accounting for 20.2% of the country’s GDP.

    Photo: Kyrgyzstan's shadow economy amounts to over $2.6mn in 2022 
    Source: Freepik

    Key findings

    The assessment, which was conducted from the production perspective, did not take into account agricultural indicators. The share of the unregistered economy relative to GDP in 2022 saw a decrease of 0.2% compared to the previous year. This reduction can be attributed to decreases in several sectors:

    • Processing industry: down by 1.1%
    • Transport and storage of goods: down by 0.2%
    • Information and communication sector: down by 0.1%
    • Financial intermediation and insurance: down by 0.1%
    • Professional, scientific, and technical activities: down by 0.1%
    • Education and other service activities: down by 0.1%

    Comparison with 2019

    When compared to 2019, the share of the unregistered economy decreased by 2.6% in 2022. This decrease is primarily due to a reduction in its share in wholesale and retail trade and repair of cars and motorbikes (by 2.4%), processing industry (by 0.5%), and transport activities and cargo storage (by 0.4%).

    Earlier, it was reported that President Sadyr Japarov has officially signed the Law "On the Republican Budget of the Kyrgyz Republic for 2024 and the planning period of 2025-2026." The budget outlines that total revenues for the fiscal year will reach KGS 378.4bn ($4.2bn), while expenditures are projected to amount to KGS 367.5bn ($4.1bn). As a result, the republican budget is expected to have a surplus of KGS 10.9bn ($122mn).

     

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    01.02.2024, 15:12   Comments (0)   1494
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