Kyrgyz Republic - Market OverviewKyrgyz Republic - Market Overview
The Kyrgyz Republic is a lower middle income country, with an estimated GDP per capita of only $1,100. The economy remains heavily dependent on remittances from Russia (nearly 30% of GDP in 2016), and revenue from gold exports (ranging from 8-10% of GDP) – almost entirely from output at the Kumtor gold mine. The Kyrgyz Republic hosts a large, informal economy estimated at up to 60% of GDP. President Almazbek Atambaev has pursued greater economic cooperation with a number of partners, though trade with and investment from Russia and China remain important contributors to the Kyrgyz economy. Progress in fighting corruption, improving transparency in business permit issuance and taxation, resolving energy issues, attracting additional foreign aid, and stimulating new sources of private investment, are keys to stimulating sustainable future growth.
The Kyrgyz Republic is undergoing a significant economic transition. The government recently joined the Eurasian Economic Union (current members: Russia, Kazakhstan, Armenia, and Belarus). The accession process continues to alter economic conditions, particularly in relation to the gray economy, shuttle tradingand agricultural production. Firm reliance on Russia as a source of remittances, imports, and government financing makes the Kyrgyz economy vulnerable external shocks emanating from Moscow.
Kyrgyzstan Trade Development and Promotion