Abstract
The economy has shown some resilience in the face of adverse regional shocks but potential growth is constrained by persistent structural challenges, particularly lagging productivity and dependence on gold, remittances, and foreign aid. Satisfactory performance under the program during the first half of the year was followed by fiscal slippages in the run-up to the October elections and a delay in adopting the Banking Code, a key measure to strengthen central bank independence and the bank resolution framework. The combined impact of a large public investment program and currency depreciation has raised the public debt ratio markedly. Significant further depreciation could pose risks for the otherwise well capitalized, but highly dollarized, financial sector. The business environment remains weak, overshadowed by lingering disagreements between the authorities and the largest foreign investor.
Context
1. Despite significant reform efforts over the past two decades, persistent structural weaknesses limit potential growth. Dependence on gold, remittances, and foreign aid leaves the economy vulnerable to external shocks and makes it difficult to generate broad-based prosperity. As productivity lags, growth continues to rely on large-scale capital spending and an abundant supply of labor. The link between credit expansion and economic growth is weak as the financial sector is still underdeveloped. Despite progress in improving infrastructure and energy reliability, significant gaps remain. Poverty is high, with large differences in development across regions. Still nascent institutions, frequent changes in government, and a challenging business environment further hamper economic development.
2. Since the last Article IV consultation in 2013, economic performance has suffered owing to a series of external shocks. After picking up in 2013, nongold growth decelerated markedly in 2014–15. The economic slowdown and currency devaluations in the region (especially Russia), falling gold prices and remittances, and uncertainties and delays surrounding accession to the Eurasian Economic Union (EEU) worsened external and fiscal balances and dampened domestic demand. The som depreciated in response to the worsening external balance and increased uncertainty, losing almost half of its value against the dollar between June 2013 and October 2015. Inflation inched up, due mainly to som depreciation. Fiscal buffers were reduced by countercyclical fiscal policies and a large foreign-financed public investment program. Foreign reserves declined somewhat due to foreign exchange interventions by the National Bank of the Kyrgyz Republic (NBKR). The financial sector is stable but in the context of high dollarization vulnerable to further significant currency depreciation and a slowdown in economic activity.
Performance Since 2013 Article IV Consultations
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Performance Since 2013 Article IV Consultations
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Performance Since 2013 Article IV Consultations
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Performance Since 2013 Article IV Consultations
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Performance Since 2013 Article IV Consultations
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
3. Large-scale foreign-financed public investment in combination with sharp currency depreciation is weakening debt sustainability. The country remains at a moderate risk of debt distress, but planned infrastructure investments in excess of 20 percent of GDP over the next three years and the 16 percent depreciation of the national currency so far this year have raised public debt by 6 percentage points of GDP, bringing it close to the high risk of debt distress level. While infrastructure gaps remain large, investment at such a scale raises concerns over efficiency and absorptive capacity. Debt risks are exacerbated by stagnating revenues and elevated spending on wages, subsidies, and goods and services.
4. Despite strong credit growth over the past three years, financial sector remains underdeveloped and is subject to vulnerabilities. While financial inclusion improved, banks’ penetration in remote areas is still narrow. The limited array of financial products and instruments reduces the opportunity for domestically-financed investments. Moreover, the system is still largely cash based, and highly dollarized. A further decline in economic activity coupled with significant currency depreciation could raise both direct balance sheet risks and indirect credit risks by undermining borrowers’ creditworthiness.
5. Structural reforms to make the economy more competitive are necessary to maximize the benefits from accession to the EEU. The Kyrgyz Republic became a member of the EEU in August 2015. The country will receive 1.9 percent of the common customs pool, which should result in an increase in customs revenues of about 1.5 percentage points of GDP annually. Beyond higher customs revenue, expected benefits from EEU membership stem from improved access to a large market for goods, services, and labor. Structural reforms aimed at raising productivity and diversifying the economy are necessary for the full benefits of integration to be captured (SIP “Impact of the accession to the EEU”).
6. Implementation of past Fund policy advice has been mixed. Several of the 2013 Article IV consultation recommendations were implemented, with policy traction particularly in the monetary area. The authorities have also been implementing key recommendations from the 2013 FSAP Update (Annex II), and there has been close cooperation through Fund technical assistance. However, fiscal policy has been looser than recommended, public debt has increased sharply, and further progress is needed in the financial sector (Annex I).
7. The current Extended Credit Facility (ECF) arrangement, approved last April by the Board, is in line with the authorities’ 2013–17 National Strategy for Sustainable Development. It focuses on generating inclusive growth through reducing macroeconomic vulnerabilities, achieving fiscal sustainability, supporting banking sector reforms, strengthening debt management, and encouraging structural reforms to expand the economy’s potential. Achieving these objectives requires fiscal consolidation, and prioritization of public investment to maintain debt at sustainable level. In addition, continuing to ensure greater exchange rate flexibility is needed to preserve the economy’s competitiveness. Also, strengthening the resilience of the banking sector by stepping up supervision and adopting the Banking Law will be critical. Speeding up PFM and AML/CFT reforms will be important to improve the business environment.
8. Political uncertainty could weaken the reform momentum. Following the parliamentary elections in October, a new four-party government was formed, with Prime Minister Sariev retaining his post. With local and presidential elections scheduled for 2016 and 2017, respectively, a slowdown in the reform momentum could further weaken economic prospects.
Recent Economic Developments
9. Real GDP growth was robust over the first nine months, notwithstanding adverse external shocks. Evenly distributed gold production throughout 2015 as opposed to back-loaded production in 2014 resulted in a surge of gold output by 41.5 percent year-on-year. Domestic demand, sustained by public investment, helped support growth despite a string of adverse shocks including falling remittances, the knock on effects of the ruble and tenge depreciation and the uncertainty surrounding EEU accession. Consequently, nongold GDP grew by 4.3 percent on account of a strong performance in the agricultural, transport, public construction, and manufacturing sectors.
Gold Production
(Thousand ounces)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Centerra gold.
Gold Production
(Thousand ounces)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Centerra gold.Gold Production
(Thousand ounces)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Centerra gold.10. Inflation through end-September was moderate. After an initial spike due to the som depreciation in the first quarter of the year, inflation subsided to 6.4 percent by end-September, as a result of a decline in food prices. However, core inflation remains high at 8.6 percent, driven by the pass-through effect from som depreciation.
11. Fiscal performance for the first nine months of the year was better than expected. The overall fiscal deficit reached 0.2 percent of GDP compared to 5 percent under the program, as a result of the postponement of the bulk of the goods and services to the last quarter, and delays in parliamentary ratification of some PIPs (charts below). Revenues excluding grants exceeded projections by 2.9 percentage points of GDP, mainly due to the sale of a mining license (1.4 percentage points of GDP) and NBKR dividends (1.2 percentage points of GDP). Government expenditures were lower (3.6 percentage points of GDP), mainly due to underspending on goods and services and delays in the public investment program (PIP) implementation. As a result of the latter, external debt was lower than projected.
Seasonality of Spending
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Seasonality of Spending
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Seasonality of Spending
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
12. The external position deteriorated largely due to the slowdown among major trading partners and falling gold prices. The real effective exchange rate appreciated over the past year, reflecting the ruble and tenge depreciation as well as the sharp appreciation of the U.S. dollar. Slowing external demand and delays in PIP execution resulted in nongold exports and imports dropping by 26 percent and 17 percent year-on-year, respectively over the first seven months. End-September remittances fell by 28 percent year-on-year.
Decline in Remittances from Russia
(US dollar value, in percent, y-o-y)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and staff calculations.
Decline in Remittances from Russia
(US dollar value, in percent, y-o-y)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and staff calculations.Decline in Remittances from Russia
(US dollar value, in percent, y-o-y)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and staff calculations.
Exchange Rates Developments
(Index: 2010=100)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.
Exchange Rates Developments
(Index: 2010=100)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.Exchange Rates Developments
(Index: 2010=100)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.13. The NBKR adjusted its policy stance in line with market conditions to keep inflation at bay. As inflation moderated and pressures on the exchange rate subsided, the NBKR cut its policy rate by 150 basis points to 9.5 percent in May and further down to 8 percent in June. Rising exchange rate pressures following the liberalization of the tenge prompted the NBKR to raise its policy rate to 10 percent in September. The NBKR allowed the exchange rate to adjust to external shocks with the som depreciating by 16 percent against the dollar during the first nine months. Interventions limited to smoothing out excessive fluctuation reached US$170 million and had a tightening effect with reserve money shrinking by 4.3 percent year-on-year, while broad money increasing by 10 percent.
Policy Rate, Inflation and Depreciation
(In percent)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: NBKR data.
Policy Rate, Inflation and Depreciation
(In percent)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: NBKR data.Policy Rate, Inflation and Depreciation
(In percent)
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: NBKR data.
Daily Exchange Rates
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Bloomberg.
Daily Exchange Rates
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Bloomberg.Daily Exchange Rates
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Source: Bloomberg.
Foreign Exchange Market, 2014–15
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.
Foreign Exchange Market, 2014–15
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.Foreign Exchange Market, 2014–15
Citation: IMF Staff Country Reports 2016, 055; 10.5089/9781475523881.002.A001
Sources: Authorities data and IMF staff calculations.14. The banking sector is well capitalized and generally sound, but slowing lending activity, growing dollarization and an up-tick in NPL’s and restructured loans raise concerns (Table 8). Banks’ average capital adequacy stood at 21.5 percent, well above the 12 percent minimum requirement, following the implementation by all banks of the NBKR mandated capital increase in July (SB). Excluding FINCA—a large microfinance institution which obtained a banking license in March—credit to the private sector grew by 18.8 percent as of September (year-on-year). Loan dollarization dropped to 53 percent, driven by the som volatility and the recently introduced macro-prudential measures. On the other hand, deposit dollarization rose to 67 percent. Nonperforming loans (NPLs) and restructured loans1 increased, mostly driven by the deterioration in the quality of foreign currency denominated loans to the construction sector. The effects of the tenge liberalization on the banking sector are not yet evident, except for a 3 percentage points increase in deposit dollarization.
Selected Social and Economic Indicators, 2013–20
Includes general government and onlending to state owned enetrprises
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Selected Social and Economic Indicators, 2013–20
| I. Social and Demographic Indicators | |||
| Population (In millions, 2014) | 5.9 | GINI Index (2012) | 27.4 |
| Unemployment rate (official, 2013) | 8.0 | Life expectancy at birth in years (2013) | 70.2 |
| Poverty rate (2013) | 37.0 | Adult literacy rate (percent of population) | 99.0 |
| GNI per capita (2014, Atlas method, U.S. dollars) | 1250 | Under-5 mortality (per 1000 live births) (2014) | 22.6 |
| II. Economic Indicators | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
| Act. | Act. | Projections | |||||||
| Nominal GDP (in billions of soms) | 355.3 | 397.3 | 434.2 | 487.3 | 537.3 | 600.6 | 662.9 | 730.8 | |
| Nominal GDP (in millions of U.S. dollars) | 7,333 | 7,402 | 6,660 | 6,749 | 7,295 | 7,993 | 8,650 | 9,349 | |
| Real GDP (growth in percent) | 10.5 | 3.6 | 2.4 | 3.6 | 3.1 | 5.3 | 5.2 | 6.0 | |
| Nongold real GDP (growth in percent) | 5.8 | 4.6 | 3.4 | 3.2 | 4.0 | 4.5 | 5.0 | 5.5 | |
| GDP per capita (in U.S. dollars) | 1,269 | 1,256 | 1,114 | 1,114 | 1,188 | 1,283 | 1,370 | 1,460 | |
| Consumer prices (12-month percent change, eop) | 4.0 | 10.5 | 7.6 | 7.0 | 6.5 | 5.9 | 5.4 | 5.1 | |
| Consumer prices (12-month percent change, average) | 6.6 | 7.5 | 7.4 | 8.9 | 6.9 | 6.1 | 5.7 | 5.3 | |
| Investment and savings (in percent of GDP) | |||||||||
| Investment | 26.1 | 27.0 | 28.7 | 31.0 | 29.3 | 27.6 | 25.5 | 24.8 | |
| Public 1/ | 7.0 | 8.6 | 11.9 | 16.5 | 13.7 | 11.1 | 8.7 | 7.7 | |
| Private | 19.1 | 18.4 | 16.8 | 14.5 | 15.6 | 16.5 | 16.8 | 17.1 | |
| Savings | 11.1 | 10.2 | 12.7 | 13.8 | 14.4 | 13.5 | 12.5 | 13.4 | |
| Public | 9.2 | 8.9 | 4.5 | 5.6 | 8.0 | 8.5 | 8.8 | 8.5 | |
| Private | 1.9 | 1.3 | 8.3 | 8.1 | 6.4 | 5.0 | 3.6 | 4.9 | |
| Savings-investment balance | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |
| General government finances (in percent of GDP) 2/ | |||||||||
| Revenue | 34.4 | 35.9 | 37.4 | 35.7 | 35.4 | 35.3 | 35.5 | 35.3 | |
| Of which: Tax revenue | 20.5 | 20.8 | 20.0 | 22.0 | 22.3 | 22.5 | 22.7 | 22.9 | |
| Expense | 31.1 | 30.3 | 31.4 | 29.8 | 28.3 | 27.1 | 26.6 | 26.3 | |
| Gross operating balance | 3.3 | 5.6 | 5.9 | 5.9 | 7.1 | 8.2 | 8.8 | 9.0 | |
| Net acquisition of nonfinancial assets | 7.0 | 5.8 | 9.5 | 10.4 | 8.4 | 6.7 | 7.4 | 7.7 | |
| Overall balance(net lending/borrowing) | … | −0.2 | −3.5 | −4.5 | −1.3 | 1.5 | 1.4 | 1.3 | |
| Overall balance including onlending | −3.8 | −3.9 | −5.4 | −9.1 | −4.1 | −1.1 | 0.6 | 1.3 | |
| Primary net lending/borrowing | … | 0.7 | −2.5 | −3.5 | −0.2 | 2.5 | 2.4 | 2.2 | |
| Primary balance excluding foreign financed PIP loans | … | 4.3 | 3.0 | 4.0 | 6.2 | 7.3 | 7.8 | 2.2 | |
| Primary balance excluding grants | … | −2.9 | −6.9 | −7.3 | −3.8 | −0.4 | −0.1 | 0.5 | |
| Total public debt 3/ | 46.1 | 53.0 | 64.9 | 66.9 | 67.6 | 66.1 | 64.9 | 63.8 | |
| Banking sector | |||||||||
| Reserve money (percent change, eop) | 13.4 | −11.9 | 7.2 | 7.9 | 7.7 | 6.7 | 6.6 | 6.3 | |
| Broad money (percent change, eop) | 22.8 | 3.0 | 11.0 | 13.3 | 12.8 | 12.5 | 11.9 | 11.7 | |
| Credit to private sector (percent change, eop) | 36.1 | 43.6 | 18.5 | 17.2 | 14.0 | 15.2 | 13.8 | 11.9 | |
| Credit to private sector (in percent of GDP) | 16.1 | 20.7 | 22.4 | 23.4 | 24.2 | 25.0 | 25.7 | 26.1 | |
| Velocity of broad money 4/ | 2.9 | 3.2 | 3.1 | 3.1 | 3.0 | 3.0 | 3.0 | 2.9 | |
| Policy Rate | 4.2 | 10.5 | … | … | … | … | … | … | |
| External sector | |||||||||
| Current account balance (in percent of GDP) | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |
| Export of goods and services (in millions of U.S. dollars) | 3,763 | 3,255 | 2,739 | 2,899 | 2,977 | 3,196 | 3,430 | 3,756 | |
| Export growth (percent change) | 16.3 | −13.5 | −15.8 | 5.8 | 2.7 | 7.3 | 7.3 | 9.5 | |
| Import of goods and services (in millions of U.S. dollars) | 6,723 | 6,521 | 5,296 | 5,728 | 6,008 | 6,410 | 6,583 | 6,843 | |
| Import growth (percent change) | 9.2 | −3.0 | −18.8 | 8.2 | 4.9 | 6.7 | 2.7 | 4.0 | |
| Gross International reserves (in millions of U.S. dollars) | 2,226 | 1,856 | 1,770 | 1,586 | 1,776 | 1,887 | 2,044 | 2,383 | |
| Gross reserves (months of next year imports, eop) | 4.1 | 4.2 | 3.7 | 3.2 | 3.3 | 3.4 | 3.6 | 4.0 | |
| External public debt outstanding (in percent of GDP) | 43.7 | 51.0 | 63.0 | 65.3 | 66.1 | 64.7 | 63.6 | 62.7 | |
| External public debt service-to-export ratio (in percent) | 2.7 | 3.6 | 4.9 | 6.2 | 6.6 | 6.9 | 7.1 | 6.9 | |
| Memorandum items: | |||||||||
| Exchange rate (soms per U.S. dollar, average) | 48.4 | 53.7 | … | … | … | … | … | … | |
| Real effective exchange rate (2010=100) (average) | 107.6 | 107.25 | … | … | … | … | … | … | |
| Gold related tax receipts of the general government (percent of GDP) | 1.0 | 1.2 | … | … | … | … | … | … | |
Includes general government and onlending to state owned enetrprises
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Selected Social and Economic Indicators, 2013–20
| I. Social and Demographic Indicators | |||
| Population (In millions, 2014) | 5.9 | GINI Index (2012) | 27.4 |
| Unemployment rate (official, 2013) | 8.0 | Life expectancy at birth in years (2013) | 70.2 |
| Poverty rate (2013) | 37.0 | Adult literacy rate (percent of population) | 99.0 |
| GNI per capita (2014, Atlas method, U.S. dollars) | 1250 | Under-5 mortality (per 1000 live births) (2014) | 22.6 |
| II. Economic Indicators | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
| Act. | Act. | Projections | |||||||
| Nominal GDP (in billions of soms) | 355.3 | 397.3 | 434.2 | 487.3 | 537.3 | 600.6 | 662.9 | 730.8 | |
| Nominal GDP (in millions of U.S. dollars) | 7,333 | 7,402 | 6,660 | 6,749 | 7,295 | 7,993 | 8,650 | 9,349 | |
| Real GDP (growth in percent) | 10.5 | 3.6 | 2.4 | 3.6 | 3.1 | 5.3 | 5.2 | 6.0 | |
| Nongold real GDP (growth in percent) | 5.8 | 4.6 | 3.4 | 3.2 | 4.0 | 4.5 | 5.0 | 5.5 | |
| GDP per capita (in U.S. dollars) | 1,269 | 1,256 | 1,114 | 1,114 | 1,188 | 1,283 | 1,370 | 1,460 | |
| Consumer prices (12-month percent change, eop) | 4.0 | 10.5 | 7.6 | 7.0 | 6.5 | 5.9 | 5.4 | 5.1 | |
| Consumer prices (12-month percent change, average) | 6.6 | 7.5 | 7.4 | 8.9 | 6.9 | 6.1 | 5.7 | 5.3 | |
| Investment and savings (in percent of GDP) | |||||||||
| Investment | 26.1 | 27.0 | 28.7 | 31.0 | 29.3 | 27.6 | 25.5 | 24.8 | |
| Public 1/ | 7.0 | 8.6 | 11.9 | 16.5 | 13.7 | 11.1 | 8.7 | 7.7 | |
| Private | 19.1 | 18.4 | 16.8 | 14.5 | 15.6 | 16.5 | 16.8 | 17.1 | |
| Savings | 11.1 | 10.2 | 12.7 | 13.8 | 14.4 | 13.5 | 12.5 | 13.4 | |
| Public | 9.2 | 8.9 | 4.5 | 5.6 | 8.0 | 8.5 | 8.8 | 8.5 | |
| Private | 1.9 | 1.3 | 8.3 | 8.1 | 6.4 | 5.0 | 3.6 | 4.9 | |
| Savings-investment balance | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |
| General government finances (in percent of GDP) 2/ | |||||||||
| Revenue | 34.4 | 35.9 | 37.4 | 35.7 | 35.4 | 35.3 | 35.5 | 35.3 | |
| Of which: Tax revenue | 20.5 | 20.8 | 20.0 | 22.0 | 22.3 | 22.5 | 22.7 | 22.9 | |
| Expense | 31.1 | 30.3 | 31.4 | 29.8 | 28.3 | 27.1 | 26.6 | 26.3 | |
| Gross operating balance | 3.3 | 5.6 | 5.9 | 5.9 | 7.1 | 8.2 | 8.8 | 9.0 | |
| Net acquisition of nonfinancial assets | 7.0 | 5.8 | 9.5 | 10.4 | 8.4 | 6.7 | 7.4 | 7.7 | |
| Overall balance(net lending/borrowing) | … | −0.2 | −3.5 | −4.5 | −1.3 | 1.5 | 1.4 | 1.3 | |
| Overall balance including onlending | −3.8 | −3.9 | −5.4 | −9.1 | −4.1 | −1.1 | 0.6 | 1.3 | |
| Primary net lending/borrowing | … | 0.7 | −2.5 | −3.5 | −0.2 | 2.5 | 2.4 | 2.2 | |
| Primary balance excluding foreign financed PIP loans | … | 4.3 | 3.0 | 4.0 | 6.2 | 7.3 | 7.8 | 2.2 | |
| Primary balance excluding grants | … | −2.9 | −6.9 | −7.3 | −3.8 | −0.4 | −0.1 | 0.5 | |
| Total public debt 3/ | 46.1 | 53.0 | 64.9 | 66.9 | 67.6 | 66.1 | 64.9 | 63.8 | |
| Banking sector | |||||||||
| Reserve money (percent change, eop) | 13.4 | −11.9 | 7.2 | 7.9 | 7.7 | 6.7 | 6.6 | 6.3 | |
| Broad money (percent change, eop) | 22.8 | 3.0 | 11.0 | 13.3 | 12.8 | 12.5 | 11.9 | 11.7 | |
| Credit to private sector (percent change, eop) | 36.1 | 43.6 | 18.5 | 17.2 | 14.0 | 15.2 | 13.8 | 11.9 | |
| Credit to private sector (in percent of GDP) | 16.1 | 20.7 | 22.4 | 23.4 | 24.2 | 25.0 | 25.7 | 26.1 | |
| Velocity of broad money 4/ | 2.9 | 3.2 | 3.1 | 3.1 | 3.0 | 3.0 | 3.0 | 2.9 | |
| Policy Rate | 4.2 | 10.5 | … | … | … | … | … | … | |
| External sector | |||||||||
| Current account balance (in percent of GDP) | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |
| Export of goods and services (in millions of U.S. dollars) | 3,763 | 3,255 | 2,739 | 2,899 | 2,977 | 3,196 | 3,430 | 3,756 | |
| Export growth (percent change) | 16.3 | −13.5 | −15.8 | 5.8 | 2.7 | 7.3 | 7.3 | 9.5 | |
| Import of goods and services (in millions of U.S. dollars) | 6,723 | 6,521 | 5,296 | 5,728 | 6,008 | 6,410 | 6,583 | 6,843 | |
| Import growth (percent change) | 9.2 | −3.0 | −18.8 | 8.2 | 4.9 | 6.7 | 2.7 | 4.0 | |
| Gross International reserves (in millions of U.S. dollars) | 2,226 | 1,856 | 1,770 | 1,586 | 1,776 | 1,887 | 2,044 | 2,383 | |
| Gross reserves (months of next year imports, eop) | 4.1 | 4.2 | 3.7 | 3.2 | 3.3 | 3.4 | 3.6 | 4.0 | |
| External public debt outstanding (in percent of GDP) | 43.7 | 51.0 | 63.0 | 65.3 | 66.1 | 64.7 | 63.6 | 62.7 | |
| External public debt service-to-export ratio (in percent) | 2.7 | 3.6 | 4.9 | 6.2 | 6.6 | 6.9 | 7.1 | 6.9 | |
| Memorandum items: | |||||||||
| Exchange rate (soms per U.S. dollar, average) | 48.4 | 53.7 | … | … | … | … | … | … | |
| Real effective exchange rate (2010=100) (average) | 107.6 | 107.25 | … | … | … | … | … | … | |
| Gold related tax receipts of the general government (percent of GDP) | 1.0 | 1.2 | … | … | … | … | … | … | |
Includes general government and onlending to state owned enetrprises
General government comprises State Government and Social Fund finances. State government comprises central and local governments.
Calculated at end-period exchange rates.
Twelve-month GDP over end-period broad money.
Balance of Payments, 2013–20
(In millions of U.S. dollars)
Includes IMF and identified budget support.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
Balance of Payments, 2013–20
(In millions of U.S. dollars)
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Proj. | |||||||||||
| Current account balance 1/ | −1,101 | −1,245 | −1,065 | −1,165 | −1,089 | −1,126 | −1,132 | −1,064 | |||||
| Excluding transfers | −3,383 | −3,497 | −2,799 | −3,049 | −3,267 | −3,428 | −3,546 | −3,570 | |||||
| Trade balance | −2,909 | −2,935 | −2,357 | −2,692 | −2,873 | −3,010 | −2,918 | −2,844 | |||||
| Exports, fob | 2,705 | 2,355 | 2,005 | 2,067 | 2,069 | 2,230 | 2,389 | 2,616 | |||||
| CIS countries | 1,682 | 1,353 | 1,136 | 1,153 | 1,175 | 1,228 | 1,315 | 1,423 | |||||
| Of which: Energy products | 97 | 63 | 57 | 63 | 68 | 71 | 75 | 77 | |||||
| Of which: Re-exports of consumer goods | 347 | 173 | 134 | 143 | 153 | 160 | 171 | 186 | |||||
| Non-CIS countries | 1,022 | 1,002 | 869 | 914 | 894 | 1,003 | 1,074 | 1,194 | |||||
| Of which: Gold | 737 | 717 | 615 | 656 | 623 | 725 | 787 | 891 | |||||
| Imports, fob | 5,614 | 5,290 | 4,362 | 4,759 | 4,942 | 5,240 | 5,307 | 5,461 | |||||
| CIS countries | 2,787 | 2,580 | 2,067 | 2,088 | 2,123 | 2,357 | 2,328 | 2,462 | |||||
| Of which: Energy (including for re-exports) | 1,187 | 1,042 | 761 | 742 | 702 | 853 | 795 | 836 | |||||
| Non-CIS countries | 2,827 | 2,710 | 2,296 | 2,671 | 2,819 | 2,884 | 2,979 | 2,998 | |||||
| Of which: Goods for re-exports | 347 | 173 | 104 | 113 | 123 | 130 | 141 | 156 | |||||
| Services | −51 | −331 | −199 | −137 | −157 | −204 | −235 | −243 | |||||
| Receipts | 1,059 | 901 | 734 | 832 | 908 | 966 | 1,041 | 1,140 | |||||
| Payments | −1,109 | −1,231 | −933 | −969 | −1,066 | −1,170 | −1,276 | −1,383 | |||||
| Income | −423 | −231 | −242 | −220 | −237 | −214 | −393 | −483 | |||||
| Interest payments | −70 | −72 | −95 | −111 | −133 | −106 | −157 | −262 | |||||
| Other net income | −353 | −159 | −147 | −109 | −103 | −108 | −236 | ||||||
| Current Transfers (net) 1/ | 2,282 | 2,251 | 1,734 | 1,884 | 2,178 | 2,302 | 2,414 | 2,506 | |||||
| Of which: Private | 2,154 | 2,042 | 1,634 | 1,846 | 2,086 | 2,232 | 2,366 | 2,508 | |||||
| Capital Account | 303 | 81 | 209 | 241 | 172 | 162 | 163 | 169 | |||||
| Official | 292 | 76 | 204 | 236 | 189 | 179 | 180 | 184 | |||||
| Private | 11 | 5 | 5 | 5 | −17 | −17 | −17 | −15 | |||||
| Financial account | 751 | 568 | 757 | 704 | 1,075 | 1,061 | 1,124 | 1,232 | |||||
| Commercial banks | −57 | 0 | −42 | −346 | 0 | 0 | 0 | 0 | |||||
| Medium- and long-term loans (net) | 86 | 468 | 429 | 562 | 510 | 458 | 456 | 543 | |||||
| Disbursement 1/ | 748 | 857 | 839 | 1,092 | 1,078 | 1,107 | 1,173 | 1,339 | |||||
| Of which: Loan financed PIP (excl. energy investments financed by Chin | 81 | 82 | 141 | 204 | 150 | 201 | 171 | 264 | |||||
| Of which: Energy investments financed by China (PIP) | 231 | 363 | 203 | 414 | 356 | 230 | 213 | 110 | |||||
| Amortization | −663 | −389 | −410 | −530 | −568 | −649 | −717 | −796 | |||||
| Foreign direct investment | 626 | 173 | 521 | 588 | 515 | 543 | 598 | 614 | |||||
| Portfolio investment 2/ | 5 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Other (including SDR allocation) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Net short-term flows 3/ | 87 | −84 | −150 | −100 | 50 | 60 | 70 | 75 | |||||
| Errors and omissions | 312 | 232 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Overall balance | 266 | −365 | −98 | −220 | 158 | 97 | 155 | 336 | |||||
| Financing | −266 | 365 | 98 | 220 | −158 | −97 | −155 | −336 | |||||
| Net international reserves | −266 | 365 | 84 | 163 | −216 | −141 | −185 | −366 | |||||
| Gross official reserves (−, increase) | −277 | 370 | 86 | 184 | −190 | −111 | −157 | −339 | |||||
| IMF | 12 | −6 | −2 | −21 | −26 | −30 | −28 | −27 | |||||
| Exceptional financing (including arrears) | 0 | 0 | 0 | 30 | 30 | 30 | 30 | 30 | |||||
| Financing gap 1/ | 0 | 0 | 14 | 28 | 28 | 14 | 0 | 0 | |||||
| Memorandum items: | |||||||||||||
| GDP (in millions of U.S. dollars) | 7,333 | 7,402 | 6,660 | 6,749 | 7,295 | 7,993 | 8,650 | 9,349 | |||||
| Current account balance (percent of GDP) | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |||||
| Current account balance excluding official transfers (percent of GDP) 1/ | −16.8 | −19.7 | −17.5 | −17.8 | −16.2 | −15.0 | −13.6 | −11.4 | |||||
| Growth of exports of GNFS (volume, percent) | 19.2 | −12.6 | −4.8 | 7.8 | 0.5 | 6.4 | 5.6 | 7.3 | |||||
| Growth of imports of GNFS (volume, percent) | 9.5 | −1.4 | −3.8 | 10.2 | 2.9 | 5.2 | 1.3 | 2.6 | |||||
| Terms of trade (goods, percentage change) | −0.9 | 0.7 | 8.4 | 0.8 | −0.5 | −0.7 | −0.3 | −0.1 | |||||
| Gold price (U.S. dollars per ounce) | 1,411 | 1,266 | 1,175 | 1,158 | 1,171 | 1,188 | 1,208 | 1,230 | |||||
| Fuel Price Index (2005=100) | 191.0 | 176.9 | 99.1 | 96.0 | 104.1 | 111.2 | 114.9 | 116.2 | |||||
| External Public Debt (in millions of U.S. dollars) 4/ | 3,156 | 3,440 | 3,829 | 4,361 | 4,772 | 5,125 | 5,451 | 5,802 | |||||
| As percent of GDP | 43.7 | 51.0 | 63.0 | 65.3 | 66.1 | 64.7 | 63.6 | 62.7 | |||||
| External public debt service-to-exports ratio 4/5/ | 2.7 | 3.6 | 4.9 | 6.2 | 6.6 | 6.9 | 7.1 | 6.9 | |||||
| Gross reserves 6/ | 2,226 | 1,856 | 1,770 | 1,586 | 1,776 | 1,887 | 2,044 | 2,383 | |||||
| In months of subsequent year’s imports | 4.1 | 4.2 | 3.7 | 3.2 | 3.3 | 3.4 | 3.6 | 4.0 | |||||
Includes IMF and identified budget support.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
Balance of Payments, 2013–20
(In millions of U.S. dollars)
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Proj. | |||||||||||
| Current account balance 1/ | −1,101 | −1,245 | −1,065 | −1,165 | −1,089 | −1,126 | −1,132 | −1,064 | |||||
| Excluding transfers | −3,383 | −3,497 | −2,799 | −3,049 | −3,267 | −3,428 | −3,546 | −3,570 | |||||
| Trade balance | −2,909 | −2,935 | −2,357 | −2,692 | −2,873 | −3,010 | −2,918 | −2,844 | |||||
| Exports, fob | 2,705 | 2,355 | 2,005 | 2,067 | 2,069 | 2,230 | 2,389 | 2,616 | |||||
| CIS countries | 1,682 | 1,353 | 1,136 | 1,153 | 1,175 | 1,228 | 1,315 | 1,423 | |||||
| Of which: Energy products | 97 | 63 | 57 | 63 | 68 | 71 | 75 | 77 | |||||
| Of which: Re-exports of consumer goods | 347 | 173 | 134 | 143 | 153 | 160 | 171 | 186 | |||||
| Non-CIS countries | 1,022 | 1,002 | 869 | 914 | 894 | 1,003 | 1,074 | 1,194 | |||||
| Of which: Gold | 737 | 717 | 615 | 656 | 623 | 725 | 787 | 891 | |||||
| Imports, fob | 5,614 | 5,290 | 4,362 | 4,759 | 4,942 | 5,240 | 5,307 | 5,461 | |||||
| CIS countries | 2,787 | 2,580 | 2,067 | 2,088 | 2,123 | 2,357 | 2,328 | 2,462 | |||||
| Of which: Energy (including for re-exports) | 1,187 | 1,042 | 761 | 742 | 702 | 853 | 795 | 836 | |||||
| Non-CIS countries | 2,827 | 2,710 | 2,296 | 2,671 | 2,819 | 2,884 | 2,979 | 2,998 | |||||
| Of which: Goods for re-exports | 347 | 173 | 104 | 113 | 123 | 130 | 141 | 156 | |||||
| Services | −51 | −331 | −199 | −137 | −157 | −204 | −235 | −243 | |||||
| Receipts | 1,059 | 901 | 734 | 832 | 908 | 966 | 1,041 | 1,140 | |||||
| Payments | −1,109 | −1,231 | −933 | −969 | −1,066 | −1,170 | −1,276 | −1,383 | |||||
| Income | −423 | −231 | −242 | −220 | −237 | −214 | −393 | −483 | |||||
| Interest payments | −70 | −72 | −95 | −111 | −133 | −106 | −157 | −262 | |||||
| Other net income | −353 | −159 | −147 | −109 | −103 | −108 | −236 | ||||||
| Current Transfers (net) 1/ | 2,282 | 2,251 | 1,734 | 1,884 | 2,178 | 2,302 | 2,414 | 2,506 | |||||
| Of which: Private | 2,154 | 2,042 | 1,634 | 1,846 | 2,086 | 2,232 | 2,366 | 2,508 | |||||
| Capital Account | 303 | 81 | 209 | 241 | 172 | 162 | 163 | 169 | |||||
| Official | 292 | 76 | 204 | 236 | 189 | 179 | 180 | 184 | |||||
| Private | 11 | 5 | 5 | 5 | −17 | −17 | −17 | −15 | |||||
| Financial account | 751 | 568 | 757 | 704 | 1,075 | 1,061 | 1,124 | 1,232 | |||||
| Commercial banks | −57 | 0 | −42 | −346 | 0 | 0 | 0 | 0 | |||||
| Medium- and long-term loans (net) | 86 | 468 | 429 | 562 | 510 | 458 | 456 | 543 | |||||
| Disbursement 1/ | 748 | 857 | 839 | 1,092 | 1,078 | 1,107 | 1,173 | 1,339 | |||||
| Of which: Loan financed PIP (excl. energy investments financed by Chin | 81 | 82 | 141 | 204 | 150 | 201 | 171 | 264 | |||||
| Of which: Energy investments financed by China (PIP) | 231 | 363 | 203 | 414 | 356 | 230 | 213 | 110 | |||||
| Amortization | −663 | −389 | −410 | −530 | −568 | −649 | −717 | −796 | |||||
| Foreign direct investment | 626 | 173 | 521 | 588 | 515 | 543 | 598 | 614 | |||||
| Portfolio investment 2/ | 5 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Other (including SDR allocation) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Net short-term flows 3/ | 87 | −84 | −150 | −100 | 50 | 60 | 70 | 75 | |||||
| Errors and omissions | 312 | 232 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Overall balance | 266 | −365 | −98 | −220 | 158 | 97 | 155 | 336 | |||||
| Financing | −266 | 365 | 98 | 220 | −158 | −97 | −155 | −336 | |||||
| Net international reserves | −266 | 365 | 84 | 163 | −216 | −141 | −185 | −366 | |||||
| Gross official reserves (−, increase) | −277 | 370 | 86 | 184 | −190 | −111 | −157 | −339 | |||||
| IMF | 12 | −6 | −2 | −21 | −26 | −30 | −28 | −27 | |||||
| Exceptional financing (including arrears) | 0 | 0 | 0 | 30 | 30 | 30 | 30 | 30 | |||||
| Financing gap 1/ | 0 | 0 | 14 | 28 | 28 | 14 | 0 | 0 | |||||
| Memorandum items: | |||||||||||||
| GDP (in millions of U.S. dollars) | 7,333 | 7,402 | 6,660 | 6,749 | 7,295 | 7,993 | 8,650 | 9,349 | |||||
| Current account balance (percent of GDP) | −15.0 | −16.8 | −16.0 | −17.3 | −14.9 | −14.1 | −13.1 | −11.4 | |||||
| Current account balance excluding official transfers (percent of GDP) 1/ | −16.8 | −19.7 | −17.5 | −17.8 | −16.2 | −15.0 | −13.6 | −11.4 | |||||
| Growth of exports of GNFS (volume, percent) | 19.2 | −12.6 | −4.8 | 7.8 | 0.5 | 6.4 | 5.6 | 7.3 | |||||
| Growth of imports of GNFS (volume, percent) | 9.5 | −1.4 | −3.8 | 10.2 | 2.9 | 5.2 | 1.3 | 2.6 | |||||
| Terms of trade (goods, percentage change) | −0.9 | 0.7 | 8.4 | 0.8 | −0.5 | −0.7 | −0.3 | −0.1 | |||||
| Gold price (U.S. dollars per ounce) | 1,411 | 1,266 | 1,175 | 1,158 | 1,171 | 1,188 | 1,208 | 1,230 | |||||
| Fuel Price Index (2005=100) | 191.0 | 176.9 | 99.1 | 96.0 | 104.1 | 111.2 | 114.9 | 116.2 | |||||
| External Public Debt (in millions of U.S. dollars) 4/ | 3,156 | 3,440 | 3,829 | 4,361 | 4,772 | 5,125 | 5,451 | 5,802 | |||||
| As percent of GDP | 43.7 | 51.0 | 63.0 | 65.3 | 66.1 | 64.7 | 63.6 | 62.7 | |||||
| External public debt service-to-exports ratio 4/5/ | 2.7 | 3.6 | 4.9 | 6.2 | 6.6 | 6.9 | 7.1 | 6.9 | |||||
| Gross reserves 6/ | 2,226 | 1,856 | 1,770 | 1,586 | 1,776 | 1,887 | 2,044 | 2,383 | |||||
| In months of subsequent year’s imports | 4.1 | 4.2 | 3.7 | 3.2 | 3.3 | 3.4 | 3.6 | 4.0 | |||||
Includes IMF and identified budget support.
Includes return of KRDF investments abroad.
Net short-term flows in 2012 partially reflect capital inflows to domestic enterprises.
Public and publicly-guaranteed debt.
Net of rescheduling.
Valued at end-period exchange rates. The discrepancy between the difference in year-end stocks and the change in reserves under financing is caused by movements in prices and exchange rates.
NBKR Accounts, 2013–16
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Change in composition of the NIR in line with safeguards assessment recommendation.
NBKR Accounts, 2013–16
| 2013 | 2014 | 2015 | 2016 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | ||||
| Act. | Act. | Act. | Act. | Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||
| (In millions of soms) | ||||||||||||||||
| Net foreign assets | 99,925 | 104,132 | 103,216 | 105,370 | 104,770 | 100,863 | 111,561 | 112,341 | 122,440 | 117,306 | 122,113 | 120,108 | 113,165 | |||
| Net international reserves 2/ | 106,116 | 108,958 | 106,935 | 106,488 | 105,936 | 100,525 | 111,757 | 113,410 | 92,842 | 87,556 | 92,209 | 90,051 | 82,955 | |||
| Long-term foreign liabilities | −6,426 | −7,135 | −6,812 | −6,898 | −7,233 | −7,541 | −7,331 | −8,204 | −8,204 | −8,204 | −8,204 | −8,204 | −8,204 | |||
| Other foreign assets | 235 | 2,309 | 3,093 | 5,780 | 6,068 | 7,879 | 7,135 | 7,135 | 37,801 | 37,954 | 38,108 | 38,261 | 38,414 | |||
| Net domestic assets | −26,785 | −36,748 | −31,304 | −35,795 | −40,298 | −44,427 | −47,972 | −45,782 | −53,294 | −49,050 | −53,858 | −50,567 | −38,545 | |||
| Net claims on general government | −6,974 | −9,676 | −8,503 | −16,981 | −18,191 | −18,031 | −18,547 | −15,811 | −17,568 | −8,314 | −2,864 | −5,614 | −10,885 | |||
| Of which: Total government deposits (including foreign exchange deposits) | −8,426 | −11,149 | −9,974 | −18,480 | −19,618 | −19,480 | −19,991 | −17,255 | −18,996 | −9,742 | −4,293 | −7,045 | −12,312 | |||
| Of which: Securitized government debt | 1,512 | 1,518 | 1,514 | 1,523 | 1,454 | 1,458 | 1,454 | 1,461 | 1,454 | 1,454 | 1,456 | 1,464 | 1,454 | |||
| Claims on commercial banks | −6,523 | −3,211 | −2,320 | 2,057 | 1,309 | 967 | 1,326 | 784 | 809 | −1,797 | −10,216 | −9,042 | 11,599 | |||
| Of which: NBKR notes | −6,635 | −3,079 | −3,011 | −33 | −1,326 | −1,576 | −776 | −783 | 4,112 | 1,422 | −7,043 | −5,966 | 14,569 | |||
| Claims of other financial corporations | 0 | −2 | 0 | −4 | 0 | 0 | −9,194 | −2,225 | −7,029 | −9,304 | −11,030 | −5,517 | −2,758 | |||
| Other items net | −13,289 | −23,859 | −20,481 | −20,867 | −23,416 | −27,363 | −21,208 | −28,530 | −29,506 | −29,635 | −29,747 | −30,393 | −36,501 | |||
| Reserve money | 73,139 | 67,384 | 71,912 | 69,575 | 64,472 | 56,436 | 63,588 | 66,559 | 69,145 | 68,256 | 68,256 | 69,541 | 74,620 | |||
| Currency in circulation | 66,954 | 60,409 | 65,614 | 62,528 | 57,075 | 49,285 | 51,912 | 58,431 | 58,773 | 57,676 | 57,335 | 58,067 | 61,562 | |||
| Commercial banks’ reserves | 6,185 | 6,975 | 6,298 | 7,047 | 7,397 | 7,151 | 7,407 | 8,128 | 10,372 | 10,580 | 10,921 | 11,474 | 13,059 | |||
| Of which: Required reserves | 5,322 | 5,772 | 5,744 | 5,912 | 6,693 | 6,799 | 6,902 | 7,367 | 7,561 | 8,109 | 8,139 | 8,887 | 8,999 | |||
| (Contribution to reserve money growth, in percent) 1/ | ||||||||||||||||
| Net foreign assets | 19.8 | 5.8 | 4.5 | 7.4 | 6.6 | −6.1 | 10.5 | 11.7 | 27.4 | −7.4 | −0.5 | −3.4 | −13.4 | |||
| Net domestic assets | −6.4 | −13.6 | −6.2 | −12.3 | −18.5 | −6.4 | −11.9 | −8.5 | −20.2 | 6.1 | −0.8 | 3.9 | 21.3 | |||
| Of which: Net claims on general government | −6.2 | −3.7 | −2.1 | −13.7 | −15.3 | 0.2 | −0.6 | 3.7 | 1.0 | 13.4 | 21.3 | 17.3 | 9.7 | |||
| Reserve money | 13.4 | −7.9 | −1.7 | −4.9 | −11.9 | −12.5 | −1.4 | 3.2 | 7.2 | −1.3 | −1.3 | 0.6 | 7.9 | |||
| Of which: Currency in circulation | 13.5 | −8.9 | −1.8 | −6.1 | −13.5 | −12.1 | −8.0 | 2.1 | 2.6 | −1.6 | −2.1 | −1.0 | 4.0 | |||
| Memorandum items: | ||||||||||||||||
| Reserve money growth (12-month change, in percent) | 13.4 | 5.8 | 7.5 | 0.9 | −11.9 | −16.2 | −11.6 | −4.3 | 7.2 | 20.9 | 7.3 | 4.5 | 7.9 | |||
| Gross International Reserves (in millions of U.S. dollars) | 2,226 | 2,076 | 2,125 | 2,019 | 1,856 | 1,627 | 1,862 | 1,824 | 1,770 | 1,685 | 1,738 | 1,696 | 1,586 | |||
| Net international reserves (in millions of U.S. dollars) | 2,035 | 1,884 | 1,937 | 1,828 | 1,669 | 1,496 | 1,576 | 1,521 | 1,161 | 1,080 | 1,138 | 1,102 | 999 | |||
| Exchange rate, som per U.S. dollar, end of period | 49.2 | 54.5 | 52.1 | 54.4 | 58.9 | 62.0 | 65.2 | 68.3 | 71.5 | 71.9 | 72.2 | 72.6 | 72.9 | |||
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Change in composition of the NIR in line with safeguards assessment recommendation.
NBKR Accounts, 2013–16
| 2013 | 2014 | 2015 | 2016 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | ||||
| Act. | Act. | Act. | Act. | Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||
| (In millions of soms) | ||||||||||||||||
| Net foreign assets | 99,925 | 104,132 | 103,216 | 105,370 | 104,770 | 100,863 | 111,561 | 112,341 | 122,440 | 117,306 | 122,113 | 120,108 | 113,165 | |||
| Net international reserves 2/ | 106,116 | 108,958 | 106,935 | 106,488 | 105,936 | 100,525 | 111,757 | 113,410 | 92,842 | 87,556 | 92,209 | 90,051 | 82,955 | |||
| Long-term foreign liabilities | −6,426 | −7,135 | −6,812 | −6,898 | −7,233 | −7,541 | −7,331 | −8,204 | −8,204 | −8,204 | −8,204 | −8,204 | −8,204 | |||
| Other foreign assets | 235 | 2,309 | 3,093 | 5,780 | 6,068 | 7,879 | 7,135 | 7,135 | 37,801 | 37,954 | 38,108 | 38,261 | 38,414 | |||
| Net domestic assets | −26,785 | −36,748 | −31,304 | −35,795 | −40,298 | −44,427 | −47,972 | −45,782 | −53,294 | −49,050 | −53,858 | −50,567 | −38,545 | |||
| Net claims on general government | −6,974 | −9,676 | −8,503 | −16,981 | −18,191 | −18,031 | −18,547 | −15,811 | −17,568 | −8,314 | −2,864 | −5,614 | −10,885 | |||
| Of which: Total government deposits (including foreign exchange deposits) | −8,426 | −11,149 | −9,974 | −18,480 | −19,618 | −19,480 | −19,991 | −17,255 | −18,996 | −9,742 | −4,293 | −7,045 | −12,312 | |||
| Of which: Securitized government debt | 1,512 | 1,518 | 1,514 | 1,523 | 1,454 | 1,458 | 1,454 | 1,461 | 1,454 | 1,454 | 1,456 | 1,464 | 1,454 | |||
| Claims on commercial banks | −6,523 | −3,211 | −2,320 | 2,057 | 1,309 | 967 | 1,326 | 784 | 809 | −1,797 | −10,216 | −9,042 | 11,599 | |||
| Of which: NBKR notes | −6,635 | −3,079 | −3,011 | −33 | −1,326 | −1,576 | −776 | −783 | 4,112 | 1,422 | −7,043 | −5,966 | 14,569 | |||
| Claims of other financial corporations | 0 | −2 | 0 | −4 | 0 | 0 | −9,194 | −2,225 | −7,029 | −9,304 | −11,030 | −5,517 | −2,758 | |||
| Other items net | −13,289 | −23,859 | −20,481 | −20,867 | −23,416 | −27,363 | −21,208 | −28,530 | −29,506 | −29,635 | −29,747 | −30,393 | −36,501 | |||
| Reserve money | 73,139 | 67,384 | 71,912 | 69,575 | 64,472 | 56,436 | 63,588 | 66,559 | 69,145 | 68,256 | 68,256 | 69,541 | 74,620 | |||
| Currency in circulation | 66,954 | 60,409 | 65,614 | 62,528 | 57,075 | 49,285 | 51,912 | 58,431 | 58,773 | 57,676 | 57,335 | 58,067 | 61,562 | |||
| Commercial banks’ reserves | 6,185 | 6,975 | 6,298 | 7,047 | 7,397 | 7,151 | 7,407 | 8,128 | 10,372 | 10,580 | 10,921 | 11,474 | 13,059 | |||
| Of which: Required reserves | 5,322 | 5,772 | 5,744 | 5,912 | 6,693 | 6,799 | 6,902 | 7,367 | 7,561 | 8,109 | 8,139 | 8,887 | 8,999 | |||
| (Contribution to reserve money growth, in percent) 1/ | ||||||||||||||||
| Net foreign assets | 19.8 | 5.8 | 4.5 | 7.4 | 6.6 | −6.1 | 10.5 | 11.7 | 27.4 | −7.4 | −0.5 | −3.4 | −13.4 | |||
| Net domestic assets | −6.4 | −13.6 | −6.2 | −12.3 | −18.5 | −6.4 | −11.9 | −8.5 | −20.2 | 6.1 | −0.8 | 3.9 | 21.3 | |||
| Of which: Net claims on general government | −6.2 | −3.7 | −2.1 | −13.7 | −15.3 | 0.2 | −0.6 | 3.7 | 1.0 | 13.4 | 21.3 | 17.3 | 9.7 | |||
| Reserve money | 13.4 | −7.9 | −1.7 | −4.9 | −11.9 | −12.5 | −1.4 | 3.2 | 7.2 | −1.3 | −1.3 | 0.6 | 7.9 | |||
| Of which: Currency in circulation | 13.5 | −8.9 | −1.8 | −6.1 | −13.5 | −12.1 | −8.0 | 2.1 | 2.6 | −1.6 | −2.1 | −1.0 | 4.0 | |||
| Memorandum items: | ||||||||||||||||
| Reserve money growth (12-month change, in percent) | 13.4 | 5.8 | 7.5 | 0.9 | −11.9 | −16.2 | −11.6 | −4.3 | 7.2 | 20.9 | 7.3 | 4.5 | 7.9 | |||
| Gross International Reserves (in millions of U.S. dollars) | 2,226 | 2,076 | 2,125 | 2,019 | 1,856 | 1,627 | 1,862 | 1,824 | 1,770 | 1,685 | 1,738 | 1,696 | 1,586 | |||
| Net international reserves (in millions of U.S. dollars) | 2,035 | 1,884 | 1,937 | 1,828 | 1,669 | 1,496 | 1,576 | 1,521 | 1,161 | 1,080 | 1,138 | 1,102 | 999 | |||
| Exchange rate, som per U.S. dollar, end of period | 49.2 | 54.5 | 52.1 | 54.4 | 58.9 | 62.0 | 65.2 | 68.3 | 71.5 | 71.9 | 72.2 | 72.6 | 72.9 | |||
Contribution is defined as change of asset stock relative to previous end-year reserve money stock (in percent).
Change in composition of the NIR in line with safeguards assessment recommendation.
Monetary Survey 2013–16
An MFI became a bank in March 2015.
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
Monetary Survey 2013–16
| 2013 | 2014 | 2015 | 2016 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec | Dec. | Mar. | Jun. | Sept. | Dec. | Mar. | Jun. | Sept. | Dec. | |||||
| Act. | Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (In millions of soms) | ||||||||||||||
| Net foreign assets | 105,724 | 108,590 | 99,899 | 110,097 | 116,736 | 123,820 | 112,472 | 111,034 | 102,753 | 89,317 | ||||
| Net domestic assets | 15,180 | 15,955 | 19,853 | 15,680 | 18,959 | 14,470 | 30,865 | 32,303 | 49,543 | 67,385 | ||||
| Domestic credit | 48,883 | 61,317 | 71,529 | 70,002 | 77,193 | 77,423 | 98,313 | 104,164 | 102,640 | 100,833 | ||||
| Net claims on general government | −8,308 | −20,831 | −20,479 | −20,960 | −18,397 | −19,920 | −10,857 | −6,096 | −8,114 | −13,237 | ||||
| Credit to the rest of the economy 1/ | 57,191 | 82,148 | 92,008 | 90,963 | 95,590 | 97,343 | 109,170 | 110,260 | 110,753 | 114,071 | ||||
| Of which: In foreign exchange | 29,205 | 45,464 | 48,368 | 46,922 | 51,148 | 51,112 | 56,231 | 55,689 | 54,831 | 58,755 | ||||
| Other items net | −33,704 | −45,363 | −51,676 | −54,322 | −58,234 | −62,952 | −67,449 | −71,861 | −53,097 | −33,448 | ||||
| Broad money (M2X) | 120,903 | 124,544 | 119,752 | 125,777 | 135,695 | 138,290 | 143,337 | 143,337 | 152,296 | 156,703 | ||||
| Of which: | ||||||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 90,963 | 82,386 | 72,586 | 78,984 | 81,119 | 83,121 | 85,071 | 85,755 | 90,410 | 92,039 | ||||
| Currency held by the public | 61,907 | 51,904 | 45,011 | 51,626 | 53,835 | 54,279 | 53,239 | 52,898 | 53,547 | 56,711 | ||||
| Total domestic currency deposit liabilities | 29,055 | 30,482 | 27,575 | 27,358 | 27,284 | 28,842 | 31,832 | 32,857 | 36,863 | 35,327 | ||||
| (Contribution to broad money growth, in percent) 2/ | ||||||||||||||
| Net foreign assets | 15.9 | 2.4 | −7.0 | 1.2 | 6.5 | 12.2 | −8.2 | −9.2 | −15.2 | −24.9 | ||||
| Net domestic assets | 6.8 | 0.6 | 3.1 | −0.2 | 2.4 | −1.2 | 11.9 | 12.9 | 25.4 | 59.8 | ||||
| Domestic credit | 10.7 | 10.3 | 8.2 | 7.0 | 12.7 | 12.9 | 15.1 | 19.3 | 18.2 | 63.5 | ||||
| Net claims on general government | −4.7 | −10.4 | 0.3 | −0.1 | 2.0 | 0.7 | 6.6 | 10.0 | 8.5 | −9.7 | ||||
| Credit to the rest of the economy | 15.4 | 20.6 | 7.9 | 7.1 | 10.8 | 12.2 | 8.6 | 9.3 | 9.7 | 73.1 | ||||
| Other items (net) | −3.9 | −9.6 | −5.1 | −7.2 | −10.3 | −14.1 | −3.3 | −6.4 | 7.1 | −3.6 | ||||
| Broad money (M2X) | 22.8 | 3.0 | −3.8 | 1.0 | 9.0 | 11.0 | 3.6 | 3.6 | 10.1 | 13.3 | ||||
| Of which: | ||||||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 13.7 | −7.1 | −7.9 | −2.7 | −1.0 | 0.6 | 1.4 | 1.9 | 5.3 | 6.4 | ||||
| Currency held by the public | 7.5 | −8.3 | −5.5 | −0.2 | 1.6 | 1.9 | −0.8 | −1.0 | −0.5 | 1.8 | ||||
| Total deposit liabilities | 6.2 | 1.2 | −2.3 | −2.5 | −2.6 | −1.3 | 2.2 | 2.9 | 5.8 | 12.6 | ||||
| Memorandum items: | ||||||||||||||
| Broad money (M2X) (12-month change, in percent) | 22.8 | 3.0 | 0.9 | 0.5 | 10.0 | 11.0 | 19.7 | 14.0 | 12.2 | 13.3 | ||||
| Credit to the rest of the economy (12-month change, in percent) | 36.1 | 43.6 | 43.1 | 31.3 | 27.0 | 18.5 | 18.7 | 21.2 | 15.9 | 17.2 | ||||
| Credit growth FX portion in dollar terms (12-month change, in percent) | 28.4 | 30.7 | 22.7 | 13.5 | 0.4 | … | … | … | … | … | ||||
| Credit growth FX portion in som term(12-month change, in percent) | 33.9 | 55.7 | 43.9 | 34.2 | 26.7 | … | … | … | … | … | ||||
| Credit growth som protion (12-month change, in percent) | 38.4 | 31.1 | 42.2 | 28.3 | 27.4 | … | … | … | … | … | ||||
| Real credit growth, (12-month change, in percent) | 32.1 | 33.2 | 34.6 | 26.7 | 20.6 | … | … | … | … | … | ||||
| Credit growth in constant exchange rate - DEC 2013 (12-month change, in percent) | 33.1 | 30.9 | 32.5 | 21.1 | 13.6 | … | … | … | … | … | ||||
| Credit to the rest of the economy (in percent of GDP) | 16.1 | 20.7 | 21.2 | 20.9 | 22.0 | 22.5 | 22.5 | 22.8 | 22.9 | 23.5 | ||||
| M2X velocity 3/ | 2.9 | 3.2 | 3.6 | 3.5 | 3.2 | 3.1 | 3.4 | 3.4 | 3.2 | 3.1 | ||||
| M2X multiplier | 1.7 | 1.9 | 2.1 | 2.0 | 2.0 | 2.0 | 2.1 | 2.1 | 2.2 | 2.1 | ||||
| Dollarization indicators (in percent) | ||||||||||||||
| Loan dollarization | 51.1 | 55.3 | 52.6 | 51.6 | 53.5 | 52.5 | 51.5 | 50.5 | 49.5 | 51.5 | ||||
| Deposit dollarization | 50.8 | 58.0 | 63.1 | 63.1 | 66.7 | 65.7 | 64.7 | 63.7 | 62.7 | 64.7 | ||||
An MFI became a bank in March 2015.
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
Monetary Survey 2013–16
| 2013 | 2014 | 2015 | 2016 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec | Dec. | Mar. | Jun. | Sept. | Dec. | Mar. | Jun. | Sept. | Dec. | |||||
| Act. | Act. | Act. | Act. | Act. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (In millions of soms) | ||||||||||||||
| Net foreign assets | 105,724 | 108,590 | 99,899 | 110,097 | 116,736 | 123,820 | 112,472 | 111,034 | 102,753 | 89,317 | ||||
| Net domestic assets | 15,180 | 15,955 | 19,853 | 15,680 | 18,959 | 14,470 | 30,865 | 32,303 | 49,543 | 67,385 | ||||
| Domestic credit | 48,883 | 61,317 | 71,529 | 70,002 | 77,193 | 77,423 | 98,313 | 104,164 | 102,640 | 100,833 | ||||
| Net claims on general government | −8,308 | −20,831 | −20,479 | −20,960 | −18,397 | −19,920 | −10,857 | −6,096 | −8,114 | −13,237 | ||||
| Credit to the rest of the economy 1/ | 57,191 | 82,148 | 92,008 | 90,963 | 95,590 | 97,343 | 109,170 | 110,260 | 110,753 | 114,071 | ||||
| Of which: In foreign exchange | 29,205 | 45,464 | 48,368 | 46,922 | 51,148 | 51,112 | 56,231 | 55,689 | 54,831 | 58,755 | ||||
| Other items net | −33,704 | −45,363 | −51,676 | −54,322 | −58,234 | −62,952 | −67,449 | −71,861 | −53,097 | −33,448 | ||||
| Broad money (M2X) | 120,903 | 124,544 | 119,752 | 125,777 | 135,695 | 138,290 | 143,337 | 143,337 | 152,296 | 156,703 | ||||
| Of which: | ||||||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 90,963 | 82,386 | 72,586 | 78,984 | 81,119 | 83,121 | 85,071 | 85,755 | 90,410 | 92,039 | ||||
| Currency held by the public | 61,907 | 51,904 | 45,011 | 51,626 | 53,835 | 54,279 | 53,239 | 52,898 | 53,547 | 56,711 | ||||
| Total domestic currency deposit liabilities | 29,055 | 30,482 | 27,575 | 27,358 | 27,284 | 28,842 | 31,832 | 32,857 | 36,863 | 35,327 | ||||
| (Contribution to broad money growth, in percent) 2/ | ||||||||||||||
| Net foreign assets | 15.9 | 2.4 | −7.0 | 1.2 | 6.5 | 12.2 | −8.2 | −9.2 | −15.2 | −24.9 | ||||
| Net domestic assets | 6.8 | 0.6 | 3.1 | −0.2 | 2.4 | −1.2 | 11.9 | 12.9 | 25.4 | 59.8 | ||||
| Domestic credit | 10.7 | 10.3 | 8.2 | 7.0 | 12.7 | 12.9 | 15.1 | 19.3 | 18.2 | 63.5 | ||||
| Net claims on general government | −4.7 | −10.4 | 0.3 | −0.1 | 2.0 | 0.7 | 6.6 | 10.0 | 8.5 | −9.7 | ||||
| Credit to the rest of the economy | 15.4 | 20.6 | 7.9 | 7.1 | 10.8 | 12.2 | 8.6 | 9.3 | 9.7 | 73.1 | ||||
| Other items (net) | −3.9 | −9.6 | −5.1 | −7.2 | −10.3 | −14.1 | −3.3 | −6.4 | 7.1 | −3.6 | ||||
| Broad money (M2X) | 22.8 | 3.0 | −3.8 | 1.0 | 9.0 | 11.0 | 3.6 | 3.6 | 10.1 | 13.3 | ||||
| Of which: | ||||||||||||||
| Broad money, excluding foreign exchange deposits (M2) | 13.7 | −7.1 | −7.9 | −2.7 | −1.0 | 0.6 | 1.4 | 1.9 | 5.3 | 6.4 | ||||
| Currency held by the public | 7.5 | −8.3 | −5.5 | −0.2 | 1.6 | 1.9 | −0.8 | −1.0 | −0.5 | 1.8 | ||||
| Total deposit liabilities | 6.2 | 1.2 | −2.3 | −2.5 | −2.6 | −1.3 | 2.2 | 2.9 | 5.8 | 12.6 | ||||
| Memorandum items: | ||||||||||||||
| Broad money (M2X) (12-month change, in percent) | 22.8 | 3.0 | 0.9 | 0.5 | 10.0 | 11.0 | 19.7 | 14.0 | 12.2 | 13.3 | ||||
| Credit to the rest of the economy (12-month change, in percent) | 36.1 | 43.6 | 43.1 | 31.3 | 27.0 | 18.5 | 18.7 | 21.2 | 15.9 | 17.2 | ||||
| Credit growth FX portion in dollar terms (12-month change, in percent) | 28.4 | 30.7 | 22.7 | 13.5 | 0.4 | … | … | … | … | … | ||||
| Credit growth FX portion in som term(12-month change, in percent) | 33.9 | 55.7 | 43.9 | 34.2 | 26.7 | … | … | … | … | … | ||||
| Credit growth som protion (12-month change, in percent) | 38.4 | 31.1 | 42.2 | 28.3 | 27.4 | … | … | … | … | … | ||||
| Real credit growth, (12-month change, in percent) | 32.1 | 33.2 | 34.6 | 26.7 | 20.6 | … | … | … | … | … | ||||
| Credit growth in constant exchange rate - DEC 2013 (12-month change, in percent) | 33.1 | 30.9 | 32.5 | 21.1 | 13.6 | … | … | … | … | … | ||||
| Credit to the rest of the economy (in percent of GDP) | 16.1 | 20.7 | 21.2 | 20.9 | 22.0 | 22.5 | 22.5 | 22.8 | 22.9 | 23.5 | ||||
| M2X velocity 3/ | 2.9 | 3.2 | 3.6 | 3.5 | 3.2 | 3.1 | 3.4 | 3.4 | 3.2 | 3.1 | ||||
| M2X multiplier | 1.7 | 1.9 | 2.1 | 2.0 | 2.0 | 2.0 | 2.1 | 2.1 | 2.2 | 2.1 | ||||
| Dollarization indicators (in percent) | ||||||||||||||
| Loan dollarization | 51.1 | 55.3 | 52.6 | 51.6 | 53.5 | 52.5 | 51.5 | 50.5 | 49.5 | 51.5 | ||||
| Deposit dollarization | 50.8 | 58.0 | 63.1 | 63.1 | 66.7 | 65.7 | 64.7 | 63.7 | 62.7 | 64.7 | ||||
An MFI became a bank in March 2015.
Contribution is defined as change of asset stock relative to previous end-year broad money stock (in percent).
Twelve-month GDP over end-period broad money.
General Government Finances, 2013–18
(In millions of som) 1/
GFSM 2001 classification is used from 2014 onwards. Retroactive reclassification was not possible due to lack of data.
Including grants in-kind from EEU accession.
General Government Finances, 2013–18
(In millions of som) 1/
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Year | Year | ||||||
| Act. | Act. | Act. | Act. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||||
| Revenue | 122,394 | 142,809 | 28,868 | 43,490 | 35,312 | 54,664 | 162,333 | 33,612 | 42,423 | 45,269 | 52,872 | 174,177 | 190,081 | 212,115 | |||||
| Taxes | 72,842 | 82,639 | 18,272 | 19,683 | 21,022 | 28,032 | 87,009 | 19,639 | 22,859 | 28,611 | 35,982 | 107,091 | 119,793 | 135,156 | |||||
| Taxes on income, profits, and capital gains | 17,221 | 19,635 | 6,013 | 5,136 | 5,058 | 6,731 | 22,937 | 5,773 | 5,234 | 6,261 | 8,390 | 25,659 | 28,261 | 32,805 | |||||
| Payable by individuals | 7,545 | 8,542 | 2,109 | 2,240 | 2,701 | 1,713 | 8,762 | 2,750 | 2,493 | 2,982 | 3,996 | 12,221 | 15,631 | 18,167 | |||||
| Payable by corporations and other enterprises | 11,257 | 13,415 | 3,317 | 2,291 | 1,737 | 3,229 | 10,574 | 3,045 | 2,367 | 2,617 | 3,682 | 11,710 | 10,834 | 12,930 | |||||
| Taxes on property | 2,065 | 2,210 | 588 | 605 | 620 | 1,789 | 2,284 | −22 | 374 | 662 | 712 | 2,544 | 2,802 | 3,113 | |||||
| Property Tax | 1,176 | 1,290 | 556 | 509 | 804 | 415 | 1,410 | 572 | 519 | 621 | 832 | 1,582 | 1,744 | 1,950 | |||||
| Land Tax | 888 | 920 | 305 | 282 | 555 | 267 | 874 | 356 | 323 | 386 | 517 | 961 | 1,058 | 1,163 | |||||
| Taxes on goods and services | 40,667 | 46,260 | 10,157 | 11,735 | 12,226 | 16,605 | 50,722 | 11,059 | 13,558 | 15,406 | 18,568 | 58,591 | 65,254 | 72,813 | |||||
| General taxes on goods and services | 36,577 | 39,926 | 8,654 | 9,945 | 10,089 | 13,883 | 42,571 | 9,284 | 11,436 | 12,591 | 14,775 | 48,086 | 53,608 | 59,814 | |||||
| Value-added taxes | 30,083 | 32,663 | 6,962 | 8,129 | 8,213 | 10,127 | 33,431 | 7,242 | 9,120 | 10,001 | 11,956 | 38,319 | 42,881 | 47,828 | |||||
| Excises | 4,090 | 6,334 | 1,503 | 1,790 | 2,136 | 2,722 | 8,152 | 1,775 | 2,122 | 2,815 | 3,792 | 10,505 | 11,646 | 12,999 | |||||
| Taxes on international trade and transactions | 11,886 | 13,771 | 1,378 | 1,727 | 2,792 | 3,518 | 9,415 | 1,833 | 3,185 | 5,888 | 7,610 | 18,515 | 21,518 | 24,303 | |||||
| Other Taxes | 1,003 | 763 | 167 | 577 | 143 | 763 | 1,650 | 401 | 364 | 435 | 583 | 1,783 | 1,957 | 2,122 | |||||
| Social contributions | 20,454 | 22,058 | 5,128 | 6,147 | 5,674 | 6,411 | 23,361 | 5,542 | 6,798 | 6,064 | 6,838 | 25,242 | 26,579 | 30,013 | |||||
| Grants | 8,631 | 14,362 | 286 | 2,119 | 2,512 | 13,773 | 18,690 | 3,864 | 5,734 | 4,539 | 4,322 | 18,459 | 19,372 | 17,343 | |||||
| Program grants | 5,615 | 11,376 | 0 | 1,757 | 1,856 | 3,067 | 6,681 | 0 | 1,851 | 637 | 400 | 2,889 | 6,909 | 5,432 | |||||
| Project grants 2/ | 3,016 | 2,986 | 286 | 362 | 656 | 10,706 | 12,010 | 3,864 | 3,883 | 3,902 | 3,921 | 15,570 | 12,463 | 11,911 | |||||
| Other revenue | 20,466 | 23,750 | 5,182 | 15,540 | 6,103 | 6,448 | 33,273 | 4,568 | 7,031 | 6,055 | 5,730 | 23,384 | 24,338 | 29,603 | |||||
| Expense | 110,631 | 120,471 | 25,911 | 32,832 | 29,249 | 48,510 | 136,503 | 33,514 | 38,519 | 33,456 | 39,736 | 145,225 | 151,918 | 162,785 | |||||
| Compensation of employees | 31,660 | 35,288 | 7,461 | 11,243 | 7,857 | 13,685 | 40,246 | 11,959 | 13,983 | 10,071 | 11,464 | 47,477 | 46,328 | 47,970 | |||||
| Wages and salaries | 27,940 | 31,292 | 6,613 | 9,942 | 6,993 | 12,002 | 35,550 | 10,557 | 12,344 | 8,892 | 10,121 | 41,914 | 41,086 | 42,326 | |||||
| Social contributions | 3,720 | 3,995 | 848 | 1,301 | 863 | 1,683 | 4,696 | 1,401 | 1,639 | 1,180 | 1,343 | 5,563 | 5,242 | 5,644 | |||||
| Purchases/use of goods and services | 30,797 | 29,655 | 4,764 | 7,438 | 7,240 | 17,294 | 36,736 | 7,112 | 8,816 | 8,597 | 11,637 | 36,161 | 37,850 | 39,636 | |||||
| Consumption of fixed capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Interest | 2,992 | 3,466 | 1,021 | 890 | 1,192 | 1,131 | 4,236 | 1,115 | 1,168 | 1,181 | 1,210 | 4,674 | 5,650 | 5,902 | |||||
| Foreign interest | 1,668 | 2,230 | 742 | 578 | 849 | 847 | 3,016 | 940 | 945 | 950 | 954 | 3,789 | 4,428 | 5,044 | |||||
| Domestic interest | 1,324 | 1,236 | 279 | 312 | 344 | 284 | 1,219 | 174 | 223 | 232 | 255 | 885 | 722 | 658 | |||||
| Subsidies | 2,532 | 3,359 | 1,147 | 961 | 779 | 713 | 3,601 | 1,081 | 1,129 | 746 | 833 | 3,789 | 4,216 | 4,712 | |||||
| To public corporations | 2,532 | 3,359 | 1,147 | 961 | 779 | 713 | 3,601 | 1,081 | 1,129 | 746 | 833 | 3,789 | 4,216 | 4,712 | |||||
| To private entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Grants | 158 | 1,226 | 169 | 172 | 292 | 1,980 | 2,612 | 279 | 280 | 281 | 282 | 1,121 | 575 | 365 | |||||
| to foreign governemnts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| to international organizations | 158 | 200 | 62 | 47 | 108 | −36 | 181 | 49 | 49 | 49 | 49 | 194 | 214 | 239 | |||||
| to other general government units | 0 | 1,026 | 107 | 124 | 184 | 2,016 | 2,431 | 230 | 231 | 232 | 233 | 927 | 361 | 125 | |||||
| Social benefits | 42,491 | 47,476 | 11,348 | 12,128 | 11,888 | 13,707 | 49,072 | 11,970 | 13,144 | 12,580 | 14,310 | 52,003 | 57,299 | 64,200 | |||||
| Social Assistance | 9,598 | 9,966 | 2,300 | 2,743 | 2,594 | 1,373 | 9,011 | 2,763 | 2,890 | 1,891 | 2,119 | 9,663 | 10,654 | 11,907 | |||||
| Social security benefits | 32,894 | 37,510 | 9,048 | 9,385 | 9,294 | 12,334 | 40,061 | 9,207 | 10,254 | 10,688 | 12,190 | 42,340 | 46,645 | 52,293 | |||||
| Gross operating balance | 11,762 | 22,338 | 2,957 | 10,658 | 6,062 | 6,154 | 25,830 | 98 | 3,904 | 11,813 | 13,137 | 28,952 | 38,163 | 49,330 | |||||
| Net acquisition of nonfinancial assets | 24,910 | 23,109 | 4,051 | 6,873 | 9,727 | 20,483 | 41,135 | 12,232 | 12,653 | 13,131 | 12,735 | 50,751 | 45,031 | 40,040 | |||||
| Acquisition of nonfinancial assets | 25,046 | 23,158 | 4,051 | 6,922 | 9,776 | 20,506 | 41,255 | 12,258 | 12,677 | 13,165 | 12,786 | 50,886 | 45,180 | 40,207 | |||||
| Domestically financed | 7,167 | 8,940 | 1,170 | 3,779 | 5,649 | 6,776 | 17,374 | 3,183 | 3,556 | 3,999 | 3,575 | 14,314 | 10,800 | 11,842 | |||||
| Foreign financed 2/ | 17,879 | 14,218 | 2,881 | 3,142 | 4,127 | 13,730 | 23,881 | 9,075 | 9,120 | 9,166 | 9,211 | 36,572 | 34,380 | 28,365 | |||||
| Disposals of nonfinancial assets | −136 | −49 | 0 | −49 | −49 | −23 | −121 | −26 | −24 | −34 | −51 | −135 | −149 | −167 | |||||
| Net lending/borrowing | −13,147 | −771 | −1,094 | 3,785 | −3,665 | −14,330 | −15,304 | −12,134 | −8,749 | −1,318 | 402 | −21,799 | −6,868 | 9,291 | |||||
| Net acquisition of financial assets | 3,921 | 23,274 | 425 | 2,911 | −3,155 | 6,050 | 6,232 | −3,502 | 1,027 | 8,316 | 10,104 | 15,946 | 23,136 | 31,148 | |||||
| Domestic | 3,921 | 23,274 | 425 | 2,911 | −3,155 | 6,050 | 6,232 | −3,502 | 1,027 | 8,316 | 10,104 | 15,946 | 23,136 | 31,148 | |||||
| Currency and deposits | 4,439 | 8,728 | 243 | 1,708 | −3,456 | −392 | −1,897 | −9,159 | −4,630 | 2,659 | 4,447 | −6,683 | 8,216 | 15,405 | |||||
| Loans | −504 | 14,559 | 185 | 1,207 | 305 | 6,446 | 8,142 | 5,661 | 5,661 | 5,661 | 5,661 | 22,642 | 14,935 | 15,758 | |||||
| Sales of equity (privatization proceeds) | −13 | −13 | −3 | −3 | −3 | −3 | −13 | −3 | −3 | −3 | −3 | −14 | −14 | −15 | |||||
| Foreign | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Net incurrence of liabilities | 18,288 | 24,045 | −257 | 2,136 | 510 | 19,146 | 21,536 | 8,632 | 9,776 | 9,635 | 9,703 | 37,745 | 30,005 | 21,858 | |||||
| Domestic | 219 | −465 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Foreign | 18,069 | 24,509 | −257 | 2,136 | 510 | 19,146 | 21,536 | 8,632 | 9,776 | 9,635 | 9,703 | 37,745 | 30,005 | 21,858 | |||||
| Program loans | 5,320 | 3,598 | 0 | 1,336 | 0 | 2,483 | 3,819 | 0 | 1,119 | 953 | 997 | 3,069 | 3,145 | 1,179 | |||||
| Public investment program loans | 14,863 | 23,867 | 816 | 2,019 | 1,733 | 17,877 | 22,445 | 11,087 | 11,124 | 11,161 | 11,198 | 44,571 | 37,213 | 32,337 | |||||
| Amortization | −2,113 | −2,955 | −1,072 | −1,219 | −1,222 | −1,214 | −4,728 | −2,455 | −2,468 | −2,480 | −2,492 | −9,895 | −10,353 | −11,658 | |||||
GFSM 2001 classification is used from 2014 onwards. Retroactive reclassification was not possible due to lack of data.
Including grants in-kind from EEU accession.
General Government Finances, 2013–18
(In millions of som) 1/
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Year | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Year | Year | ||||||
| Act. | Act. | Act. | Act. | Prel. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||||
| Revenue | 122,394 | 142,809 | 28,868 | 43,490 | 35,312 | 54,664 | 162,333 | 33,612 | 42,423 | 45,269 | 52,872 | 174,177 | 190,081 | 212,115 | |||||
| Taxes | 72,842 | 82,639 | 18,272 | 19,683 | 21,022 | 28,032 | 87,009 | 19,639 | 22,859 | 28,611 | 35,982 | 107,091 | 119,793 | 135,156 | |||||
| Taxes on income, profits, and capital gains | 17,221 | 19,635 | 6,013 | 5,136 | 5,058 | 6,731 | 22,937 | 5,773 | 5,234 | 6,261 | 8,390 | 25,659 | 28,261 | 32,805 | |||||
| Payable by individuals | 7,545 | 8,542 | 2,109 | 2,240 | 2,701 | 1,713 | 8,762 | 2,750 | 2,493 | 2,982 | 3,996 | 12,221 | 15,631 | 18,167 | |||||
| Payable by corporations and other enterprises | 11,257 | 13,415 | 3,317 | 2,291 | 1,737 | 3,229 | 10,574 | 3,045 | 2,367 | 2,617 | 3,682 | 11,710 | 10,834 | 12,930 | |||||
| Taxes on property | 2,065 | 2,210 | 588 | 605 | 620 | 1,789 | 2,284 | −22 | 374 | 662 | 712 | 2,544 | 2,802 | 3,113 | |||||
| Property Tax | 1,176 | 1,290 | 556 | 509 | 804 | 415 | 1,410 | 572 | 519 | 621 | 832 | 1,582 | 1,744 | 1,950 | |||||
| Land Tax | 888 | 920 | 305 | 282 | 555 | 267 | 874 | 356 | 323 | 386 | 517 | 961 | 1,058 | 1,163 | |||||
| Taxes on goods and services | 40,667 | 46,260 | 10,157 | 11,735 | 12,226 | 16,605 | 50,722 | 11,059 | 13,558 | 15,406 | 18,568 | 58,591 | 65,254 | 72,813 | |||||
| General taxes on goods and services | 36,577 | 39,926 | 8,654 | 9,945 | 10,089 | 13,883 | 42,571 | 9,284 | 11,436 | 12,591 | 14,775 | 48,086 | 53,608 | 59,814 | |||||
| Value-added taxes | 30,083 | 32,663 | 6,962 | 8,129 | 8,213 | 10,127 | 33,431 | 7,242 | 9,120 | 10,001 | 11,956 | 38,319 | 42,881 | 47,828 | |||||
| Excises | 4,090 | 6,334 | 1,503 | 1,790 | 2,136 | 2,722 | 8,152 | 1,775 | 2,122 | 2,815 | 3,792 | 10,505 | 11,646 | 12,999 | |||||
| Taxes on international trade and transactions | 11,886 | 13,771 | 1,378 | 1,727 | 2,792 | 3,518 | 9,415 | 1,833 | 3,185 | 5,888 | 7,610 | 18,515 | 21,518 | 24,303 | |||||
| Other Taxes | 1,003 | 763 | 167 | ||||||||||||||||