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    Economics

    Kyrgyzstan’s GDP per capita soars to $1,969 in 2023

    Kyrgyzstan’s GDP per capita soars to $1,969 in 2023

    Kyrgyzstan's Ministry of Economy and Commerce reported that the GDP per capita in Kyrgyzstan reached $1,969 at the end of 2023. Preliminary estimates show a rise in GDP per capita from $1,351 in 2021 to $1,969 in 2023, increasing by almost 45.74%.

    Photo: Kyrgyzstan’s GDP per capita soars to $1,969 in 2023 
    Source: IStock
    From 2015 to 2020, the increase in GDP per capita was modest, averaging 1.6% annually. This period was marked by a stabilization phase with an average economic growth rate of 4.3%, impacted by fluctuations in the financial market and moderate economic progress.

    The growth in GDP volume accelerated after 2021, leading to a substantial rise in GDP per capita with an average annual growth rate of 17.3% from 2021 to 2023. The country observed a significant economic growth average of 7% and a nominal GDP growth average of 10% during this period. Developments spanned multiple sectors, including larger-scale economic activities, increased population incomes, infrastructure project execution, initiation of production facilities, and the adoption of digital solutions for social and economic services.

    This period also saw improvements in macroeconomic conditions, particularly noticeable in economic growth rates, investment activity resurgence, and stability in economic development. These factors have had a substantial impact on citizens' living standards.

    The Ministry of Economy and Commerce anticipates that continuing the current economic growth trajectory may position Kyrgyzstan to exceed average income levels by 2032.

     

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    31.03.2024, 09:00   Comments (0)   2176
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