GDP per capita by end of 2023 could be about $2 thsd in Kyrgyzstan

Photo credit: Kabar

By the end of 2023, GDP per capita could be about USD 2 thousand, Minister of Economy and Commerce Daniyar Amangeldiev told at a press conference at Kabar Agency.

According to him, economic indicators for 2022 were revised using a new methodology, which ultimately increased growth rates. After this, the calculations for 2023 were updated.

Thus, the change in economic growth rates is due to an increase in the volume of net taxes on products, the share of which in the structure of GDP increased from 13.8% to 16.9%.

“The share of net taxes on products in 2022 increased due to recalculation. This share was used to estimate GDP in December 2023. In January 2024, the recalculation of actual indicators for 2022 will be completed, where, according to updated data, GDP amounted to KGS 1 trillion 20 billion, which is almost KGS 50 billion more compared to the data compiled according to the preliminary assessment,” the minister explained.

Thus, according to his data, the real GDP growth rate was 9% versus 6.3% announced earlier, based on preliminary calculations.

At the same time, the growth rate of net taxes on products was recalculated, and the figure increased from 103.3% to 115.2%. This recalculation was applied when assessing this indicator at the end of 2023, where growth over 11 months was increased from 3.1% to 12.1%.

Based on the data presented above, in 2022, GDP per capita was USD 1,740. In 2023, according to the Ministry of Economy, it will reach USD 1,970. The final calculations will be presented by the National Statistical Committee in February, and, according to Amangeldiev, they could be even more than USD 2,000.

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