DATA AS OF: 2026-08-03
Economy of Kyrgyzstan
#1 GDP GROWTH AMONG 7 REGIONAL PEERS (IMF WEO, 2025)
THE COUNTRY IN NINE NUMBERS
How fast is the economy growing?
Kyrgyzstan’s recent GDP growth sits at the top of the regional range, and the IMF projection keeps it above the peer median through 2030. Part of the 2022–2024 spike is re-export trade, so the 10-year average is always printed next to the recent numbers.
Part of the 2022–2024 growth is re-export trade; the 10-year average is shown alongside.
Recent years may be IMF staff estimates (vintage April 2026).
View as table
| Years | KGZ | KAZ | UZB | GEO |
|---|---|---|---|---|
| 2016 | 4.3 | 0.9 | 6.7 | 3.4 |
| 2017 | 4.7 | 3.9 | 4.7 | 5.2 |
| 2018 | 3.5 | 4.1 | 5.7 | 6.1 |
| 2019 | 4.6 | 4.5 | 6.8 | 5.4 |
| 2020 | -7.1 | -2.6 | 1.6 | -6.3 |
| 2021 | 5.5 | 4.1 | 8.2 | 10.6 |
| 2022 | 9.0 | 3.2 | 6.1 | 11.0 |
| 2023 | 9.0 | 5.1 | 6.3 | 7.8 |
| 2024 | 11.5 | 5.0 | 6.7 | 9.7 |
| 2025 | 11.1 | 6.5 | 7.7 | 7.5 |
| 2026 | 6.1 | 4.6 | 6.5 | 5.3 |
| 2027 | 6.1 | 4.4 | 5.9 | 5.0 |
| 2028 | 5.7 | 3.3 | 5.8 | 5.0 |
| 2029 | 5.4 | 3.6 | 5.8 | 5.0 |
| 2030 | 5.3 | 3.6 | 5.7 | 5.0 |
How stable is the macro picture?
Inflation is back in single digits, government debt has been falling from its 2020 peak, and the som weathered the regional currency shocks more calmly than most neighbours. The dips of 2005, 2010 and 2020 are not hidden — the economy passed each without a banking crisis.
Recent years may be IMF staff estimates (vintage April 2026).
View as table
| Years | KGZ | KAZ | UZB | GEO |
|---|---|---|---|---|
| 2016 | 59.1 | 19.7 | 7.2 | 39.5 |
| 2017 | 58.8 | 19.9 | 17.3 | 38.9 |
| 2018 | 54.8 | 20.3 | 16.7 | 38.2 |
| 2019 | 48.8 | 19.9 | 24.3 | 40.0 |
| 2020 | 63.6 | 26.4 | 31.9 | 59.6 |
| 2021 | 56.2 | 25.1 | 30.2 | 49.1 |
| 2022 | 46.8 | 23.5 | 29.2 | 39.2 |
| 2023 | 42.0 | 23.0 | 30.7 | 38.9 |
| 2024 | 36.2 | 24.4 | 30.9 | 35.7 |
| 2025 | 36.0 | 24.6 | 28.6 | 34.3 |
| 2026 | 37.4 | 24.9 | 27.5 | 35.1 |
| 2027 | 37.7 | 26.3 | 27.0 | 34.5 |
| 2028 | 38.1 | 28.0 | 27.0 | 34.0 |
| 2029 | 38.4 | 29.5 | 26.8 | 33.3 |
| 2030 | 38.7 | 30.8 | 26.8 | 33.0 |
Who invests here already?
Foreign direct investment is low and volatile — an honest weakness and the core of the thesis: this market is under-invested. The Kumtor dispute was settled in 2022, and the country has been a WTO member since 1998 with a liberal FX regime.
Negative years reflect the Kumtor dispute; settled in 2022.
View as table
| Years | KGZ | KAZ | UZB | GEO |
|---|---|---|---|---|
| 2011 | 11.1 | 7.1 | 2.4 | 7.6 |
| 2012 | 4.0 | 6.6 | 1.0 | 5.7 |
| 2013 | 8.3 | 4.2 | 0.8 | 6.0 |
| 2014 | 4.6 | 3.3 | 0.9 | 10.2 |
| 2015 | 17.1 | 3.6 | 1.1 | 11.4 |
| 2016 | 9.1 | 12.5 | 1.7 | 10.7 |
| 2017 | -1.4 | 2.9 | 2.5 | 11.7 |
| 2018 | 1.7 | 0.2 | 1.0 | 7.3 |
| 2019 | 4.3 | 2.1 | 3.3 | 7.9 |
| 2020 | -4.9 | 4.2 | 2.5 | 3.5 |
| 2021 | 2.4 | 2.3 | 2.8 | 6.8 |
| 2022 | 0.5 | 2.3 | 2.8 | 9.0 |
| 2023 | 1.0 | 2.2 | 2.0 | 6.9 |
| 2024 | 1.4 | 0.7 | 2.5 | 4.7 |
| 2025 | — | -0.3 | 3.0 | 4.3 |
Which sectors are still open?
A sector makes the opportunity list only when at least two independent methods show a gap against peers, and every card prints its counter-argument. Below is the digest; the full analysis lives on the Sectors tab.