The complicating situation in the world due to the coronavirus pandemic, as well as a sharp change in the situation in the oil market, had a negative impact on the global economy. In this regard, Kyrgyzstan also felt the unpleasantness of the situation. In particular, the closure of the border with China and the suspension of the supply of goods and products, although their share in the total revenue does not exceed one third. But at the same time, only a small part of imports from China is made up of grocery goods. Although in some areas the shortage of goods has already begun to be observed. In particular, goods for sewers - fabrics, accessories. One of the most noticeable moments of the business week was a noticeable som, dollar exchange rate and a major intervention of the National Bank of the Kyrgyz Republic in this regard. Nevertheless, the country's economy is developing - GDP is growing, salaries are growing, and fuel and lubricants are supplied for spring field work.
Change of choice. In Kyrgyzstan, in 2020, the sown area will be 1.22 million hectares, which is 2.3 thousand hectares more than last year.
Deputy Minister of Agriculture of the Kyrgyz Republic Zhanybek Kerimaliev said that it is planned to expand the area of crops for grain and leguminous crops, cotton, tobacco, vegetables and melons.
This spring it is expected to reduce the planting area of sugar beets, potatoes and oilseeds. Particular emphasis will be expanding the area under lentils, soybeans, chickpeas, including on the basis of contract farming with advanced farms. The cultivated area of fodder crops will also increase by 7.4 thousand ha due to an increase in the number of agricultural animals and a significantly increased need for concentrated, rough and succulent feeds.
Deficit will not be allowed. Kyrgyzstan will not feel the lack of fuel and lubricants during the spring field work.
The country’s Deputy Minister of Agriculture Zhanybek Kerimaliev explained it with the signing of the Agreement between the Ministry of Agriculture of the Kyrgyz Republic and the Association of Oil Traders to ensure uninterrupted spring-field work. The Association of Oil Traders was recommended to accumulate the necessary volumes of fuel and lubricants at oil depots and gas stations. The official said that, there will be no special problems with the provision of fuels and lubricants and price increases.
Help the Suusamyr people. 100 tons of agricultural seeds were allocated from the Republican State Seed Fund to farmers of the Suusamyr village council, who were affected by heavy weather conditions in September 2019.
These seeds are allocated to compensate farmers who lost most of their harvest last fall when snow suddenly fell and the crop died.
Exchange rate rise. This week the Kyrgyz som (KGS) fell against the dollar and the euro. Thus, the dollar is sold at KGS 73, and the euro at KGS 83.
Recall that the collapse of the national currency occurred in Russia and Kazakhstan due to oil price drop by 30%.
From the beginning of 2020, in order to smooth out sharp fluctuations in the exchange rate, the National Bank conducted interventions for the sale of foreign currency in the amount of 140.2 million US dollars. This amount turned out to be equal to the total indicators of foreign exchange intervention in 2019.
GDP growth. According to preliminary estimates, Gross Domestic Product (GDP) in January-February 2020 amounted to KGS 69 billion and grew by 4.3% compared to the same period last year.
Excluding enterprises developing the Kumtor field, the GDP volume made about KGS 61 billion, and increased by 3.3%.
About export. The volume of foreign and mutual trade of Kyrgyzstan in January 2020 amounted to about USD 474 million, and compared with January last year, decreased by 1.4%.
According to data of the National Statistics Committee of the Kyrgyz Republic, export deliveries increased by 5.0%, while import receipts, on the contrary, decreased by 3.2%.
The volume of mutual trade between the republic and the EAEU member states in January 2020 amounted to about USD 199 million and increased by 16.5% compared to January 2019. At the same time, export deliveries increased by 3.3%, and import receipts - by 21.1%. The largest share of mutual trade was in Russia - 68.8% and Kazakhstan - 28.9%.
Chinese import. In January 2020, Kyrgyzstan's trade turnover with China decreased by 26.6% compared to the same period last year and amounted to almost USD 143 million.
According to data of the National Statistics Committee, exports amounted to USD 6.1 million, while imports – USD 136.7 million.
Since the beginning of the year, imports of clothing, footwear, goods made of ferrous metals and electrical equipment have declined.
Investments. The inflow of foreign direct investments in the Kyrgyz Republic in 2019 compared with 2018 increased by 2.9% and amounted to USD 876.2 million.
According to data of the National Statistics Committee of the Kyrgyz Republic, the inflow of investments last year exceeded the level of outflow by USD 210.8 million (in 2018 - by USD 144.2 million).
Salary growth. The nominal average monthly salary in Kyrgyzstan in January 2020, amounted to KGS 17 thousand 172.
According to data of the National Statistics Committee of the Kyrgyz Republic, growth compared to the same period last year made 12%.
An increase in the growth rate of salaries was observed at enterprises and organizations of all types of economic activity, with the exception of enterprises and organizations in the sphere of financial intermediation and insurance, as well as information and communications. The largest increase in average monthly wages was observed in education - 27.9%, water supply, waste treatment - 21.7%, hotel and restaurant operations - 20.0%, government and defense - 15.9%, construction - 13.5%, mining - 11.4%, as well as art, entertainment and recreation - 10.2%.
The effect of coronavirus. The impact of coronavirus on the economy of Kyrgyzstan will become known in two months.
Head of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov said that it is still difficult to say how the epidemic will affect the country's economy. He noted that import of goods previously imported from China is now being replaced by goods from other countries.
“A simple example is the fabrics that came earlier from China, now imported from Turkey. In this regard, it is possible to clearly and predict how the coronavirus has affected the country's economy in 2 months, ”he said.
At the same time, the head of the National Bank drew attention to the fact that today the country's economy is growing, and there are enough reserves.
Kabar News Agency
Comments
Post Comment