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WEEKLY NEWSLETTER
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Kyrgyzstan
Index
Gross National Product (GNP): In 1993, estimated at
US$2.77 billion, US$590 per capita, declining steadily in early and
mid-1990s. In 1994 growth rate -26.2 percent. Economic growth stopped by
insufficient privatization and restructuring, Soviet-era banking system,
and rampant corruption.
Agriculture: Heavily state controlled, reducing
profitability and encouraging subsistence farming; irrigation necessary
for more than 70 percent of land. Main use of land livestock raising; main
crops corn, wheat, barley, vegetables, potatoes, and sugar beets. Bank
credits and input materials scarce for farmers; severe output decline
1991-95.
Industry and Mining: Production decline 58 percent,
1992-94, caused by energy shortage and loss of Russian skilled workers.
Political pressure maintains unprofitable Soviet-era state enterprises.
Main industries machine building, textiles, food processing, electronics,
and metallurgy. Iron ore, copper, gold, lead, zinc, molybdenum, mercury,
and antimony are mined.
Energy: Insignificant oil and natural gas deposits,
and coal deposits not fully exploited. In 1994, some 39 percent of imports
were fuels. Coal-powered thermoelectric power pro-duction replaced by
hydroelectric power, early 1990s; emphasis on electric power based on
abundant water power, providing exportable power bartered for coal from
Kazakstan.
Exports: In 1994, value US$339 million. Main
commodities wool, hides, cotton, electric power, electronics, metals, food
products, and shoes. Main partners Russia, Ukraine, Uzbeki-stan,
Kazakstan, and China. Export taxes and licensing sub-stantially relaxed by
1995.
Imports: In 1994, mainly fuels, construction
materials, ferrous metals, pharmaceuticals, chemicals, and machinery. Main
suppliers Russia, Kazakstan, Uzbekistan, and China. Import licenses and
tariffs liberalized, 1994. Value US$347 million, 1994.
Balance of Payments: In 1992, deficit US$147.5
million.
Exchange Rate: Som introduced as national currency,
May 1993, with floating exchange rate. Early 1996, eleven som per US$1.
Inflation: Hyperinflation (1,400 percent per year),
1992 and 1993; rate about 180 percent 1994; 1995 government target 55
percent; value of som supported by international banks beginning in 1993,
and price controls reintroduced 1993.
Fiscal Year: Calendar year.
Fiscal Policy: Drastic tax revenue shrinkage caused
revenue crisis and reduced government spending, 1994; widespread tax
reform program in place 1995, focusing on enforcement and new land and
excise taxes.
Data as of March 1996
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