Ministry of Economy of Kyrgyzstan expects 2.7% GDP growth by the end of 2016

BISHKEK. KAZINFORM During the first half of 2016 the economy of Kyrgyzstan has decreased by 2.3%, in the same period last year an increase made by 6.8%, Minister of Economy Arzybek Kozhoshev told at a press conference at Kabar Agency.
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The real growth of the gross domestic product, excluding the development of Kumtor gold mine made 1.2%. "Over the same period of 2015, this figure was 3.7%. Overall economic growth rates achieved in agriculture - 2.9%, services - 2.1%, construction - 3.6%, said the Minister of Economy.
According to the forecasts for the current year, economic growth is expected to grow by 2.7%, taking into account Kumtor by 3%.
Kozhoshev also said that negative economic growth trend observed since the beginning of 2016, which was due to lower production levels in certain industries.
"The decline in production is associated with a decrease in orders due to lower purchasing power in the republic's main export markets - Russia and Kazakhstan, the tightening of rules on the customs territory of the EEU member states, lack of competitiveness of domestic products," he explained, Kazinform refers to Kabar.

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