Portfolio

DATA AS OF: 2026-08-03

Economy of Kyrgyzstan — STABILITY

Fiscal headroom; the decline from the 2020 peak is a checkable trend.

Inflation (CPI) %
-0.913.227.3200020302026IMF PROJECTIONKGZKAZUZBGEO

Recent years may be IMF staff estimates (vintage April 2026).

SOURCE: IMF, WORLD ECONOMIC OUTLOOK, APRIL 2026 (2025)
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YearsKGZKAZUZBGEO
20160.414.68.82.1
20173.27.513.96.0
20181.56.017.52.6
20191.15.314.54.9
20206.36.812.95.2
202111.98.010.89.6
202213.915.011.411.9
202310.814.510.02.5
20245.08.79.61.1
20258.211.48.83.9
202610.610.77.04.4
202710.010.15.63.0
20288.98.85.03.0
20297.97.65.03.0
20307.05.85.03.0
Government debt % GDP
4.163.7123.3200020302026IMF PROJECTIONKGZGEOKAZUZB

Recent years may be IMF staff estimates (vintage April 2026).

SOURCE: IMF, WORLD ECONOMIC OUTLOOK, APRIL 2026 (2025)
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YearsKGZKAZUZBGEO
201659.119.77.239.5
201758.819.917.338.9
201854.820.316.738.2
201948.819.924.340.0
202063.626.431.959.6
202156.225.130.249.1
202246.823.529.239.2
202342.023.030.738.9
202436.224.430.935.7
202536.024.628.634.3
202637.424.927.535.1
202737.726.327.034.5
202838.128.027.034.0
202938.429.526.833.3
203038.730.826.833.0
Current account % GDP (2025)
KGZ-23.4KAZ-3.9UZB-3.9TJK16.6GEO-2.6ARM-6.7MNG-8.6

The current-account deficit is inflated by unrecorded re-exports; reserves stay stable — measurement, not crisis.

SOURCE: IMF, WORLD ECONOMIC OUTLOOK, APRIL 2026 (2025)
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unitKGZKAZUZBTJKGEOARMMNG
% GDP-23.4-3.9-3.916.6-2.6-6.7-8.6
Som per US dollar som/$
100.0352.0603.920132025UZBKAZKGZGEO

Uzbekistan: before the 2017 liberalization the official rate was fiction — cross-period comparison is unsafe.

2013 = 100

SOURCE: WORLD BANK, WORLD DEVELOPMENT INDICATORS (2024)
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YearsKGZKAZUZBGEO
2013100.00100.00100.00100.00
2014110.77117.79110.31106.15
2015133.08145.75122.58136.43
2016144.34224.91141.54142.29
2017142.17214.29244.10150.87
2018142.12226.59385.19152.35
2019144.08251.59421.81169.43
2020159.68271.45479.92186.91
2021174.74279.96506.42193.68
2022173.66302.48527.46175.32
2023181.38299.85560.14157.99
2024179.92308.27603.93163.56
2025342.50600.45164.89
Non-performing loans % (2024)
KGZ10.3KAZ3.1UZB3.9GEO2.5ARM1.1MNG3.5
SOURCE: WORLD BANK, WORLD DEVELOPMENT INDICATORS (2024)
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unitKGZKAZUZBGEOARMMNG
%10.33.13.92.51.13.5
External debt, % of GNI % (2024)
KGZ69.2KAZ62.6UZB60.5TJK37.4GEO79.7ARM66.0MNG181.9

External debt is mostly concessional (IFIs, China Exim — the concentration is named honestly).

SOURCE: WORLD BANK, WORLD DEVELOPMENT INDICATORS (2024)
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unitKGZKAZUZBTJKGEOARMMNG
%69.262.660.537.479.766.0181.9
3.9 months (2024) Reserves, months of imports
5.09 $bn (2024) International reserves
-0.1 % GDP (2025) Fiscal balance