Gold output slump triggers Kyrgyz GDP and exports fall

Пятница, 11 марта 2016 14:50 MSK
 

BISHKEK, March 11 (Reuters) - Kyrgyzstan's gross domestic product fell 7.8 percent year-on-year in January and February as gold and silver production, which accounts for most of its industrial output, dropped 56.5 percent, the state statistics committee said on Friday.

By contrast, in the first two months of 2015, the Central Asian country's GDP rose 8.9 percent.

Kyrgyz exports tumbled 39.9 percent in January 2016 as shipments of gold fell by more than three-quarters year-on-year.

Kumtor Gold Company, which operates Kyrgyzstan's biggest gold mine, said in January it planned to produce between 14.9 and 16.5 tonnes of gold in 2016, versus 16.2 tonnes last year.

But this will be weighted to the second half of the year, because of the geological structure of the deposit, it said.

Excluding Kumtor, Kyrgyzstan's GDP shrank 0.1 percent year-on-year in January-February, the statistics committee said.

Apart from gold mining, Kyrgyzstan depends heavily on remittances from its migrant workers in Russia, whose own economy is in recession. (Reporting by Olga Dzyubenko; Writing by Olzhas Auyezov; Editing by Alexander Smith)