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Economy of Kyrgyzstan

Kyrgyzstan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Kyrgyzstan may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Kyrgyzstan exports around $1.88 billion and imports roughly $5.08 billion. 7.3% of population in the country are unemployed. The total number of unemployed people in Kyrgyzstan is 447,704. In Kyrgyzstan, 25.4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Kyrgyzstan is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.9% of GDP. The Gini Index of the country is 33.4. Kyrgyzstan is experiencing good equality. The majority of citizens in Kyrgyzstan fall within a narrow range of income, although some cases may show significant differences. Kyrgyzstan has a Human Development Index (HDI) of 0.628. Kyrgyzstan has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Kyrgyzstan is 2.249. The strength of legal rights index for Kyrgyzstan is 8. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Kyrgyzstan is Kyrgyzstani som. The plural form of the word Kyrgyzstani som is soms. The symbol used for this currency is лв, and it is abbreviated as KGS. The Kyrgyzstani som is divided into Tyiyn; there are 100 in one som.

Credit rating

The depth of credit information index for Kyrgyzstan is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem.

Central bank

In Kyrgyzstan, the institution that manages the state's currency, money supply, and interest rates is called National Bank of the Kyrgyz Republic. Locally, the central bank of Kyrgyzstan is called Кыргыз Республикасынын Улуттук Банкы. The average deposit interest rate offered by local banks in Kyrgyzstan is 9.8%.

Public debt

Kyrgyzstan has a government debt of 21.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Kyrgyzstan is set at 10%. Personal income tax ranges from 5% to 10%, depending on your specific situation and income level. VAT in Kyrgyzstan is 12%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Kyrgyzstan is $19229 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Kyrgyzstan was last recorded at $3 million. PPP in Kyrgyzstan is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Kyrgyzstan is 7,226 billion. Based on this statistic, Kyrgyzstan is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Kyrgyzstan was last recorded at $1 million. The average citizen in Kyrgyzstan has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Kyrgyzstan averaged 4.1% in 2014. According to this percentage, Kyrgyzstan is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Kyrgyzstan.

Industry

Major industries in the country are small machinery, textiles, food processing, cement, shoes, sawn logs, refrigerators, furniture, electric motors, gold, rare earth metals. The total labor force of Kyrgyzstan is 2,592,130 people, wherein 7.3% of population in the country are unemployed. The total number of unemployed people in Kyrgyzstan is 447,704. The Industrial Production growth rate of Kyrgyzstan is 6%.To read more about industrial information within Kyrgyzstan click on industry of Kyrgyzstan.

Agriculture

There are 78542 km2 of arable land in Kyrgyzstan, and it comprises 39% of the country's total territory. There are 79902 km2 of cultivated land in Kyrgyzstan. The country's major agricultural crops and products are tobacco, cotton, potatoes, vegetables, grapes, fruits and berries, sheep, goats, cattle, wool.To read more about agriculture click on agriculture of Kyrgyzstan.