16.05.2022 (Обновлено: 25.05.2022 16:23)

EEC noted Kyrgyzstan’s transition to economic recovery

Issues of assessing tax revenues to the state budget of the Kyrgyz Republic and their impact on GDP growth, as well as calculating the main macroeconomic indicators in accordance with structural principles 2008 System of National Accounts (2008 SNA) were discussed at consultations in Bishkek by Vladimir Zinovsky, Head of the Secretariat of the Chairman of the Eurasian Economic Commission’s Board, Azamat Orosbaev, Director of the EEC Statistics Department, Andrey Kosarev, Deputy Chairman of the Statistical Committee of the Commonwealth of Independent States, and Baktybek Kudaibergenov, Chairman of the National Statistical Committee of the Kyrgyz Republic.

The consultation attendees considered some prospects for implementing the 2008 SNA standards recommended by the UN Statistical Commission. According to Baktybek Kudaibergenov, Kyrgyzstan has carried out this work since mid-2017, methodological provisions have already been elaborated and indicators affecting the volume, growth rates and structure of GDP have been evaluated.

In turn, Vladimir Zinovsky has noted that the work on building a system of national accounts and GDP calculations is carried out in accordance with generally accepted international methodologies and Kyrgyzstan's transition to the 2008 SNA is an extensive and permanent work requiring significant resources. Besides, it was noted that the system of national accounts could not be developed without the coordinated and interrelated development of other statistics systems (balance of payments statistics and statistics of public finances of the Kyrgyz Republic).

The sides drew the conclusion that after a significant economic downturn in the pandemic 2020, the Kyrgyz economy had moved to gradual recovery, this is borne out by the macroeconomic data dynamics. Nowadays the priority is to complete the transition to national accounts to be built in accordance with the 2008 SNA principles.

Following the consultations, Arzybek Kozhoshev, First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic, held a meeting with their attendees. Representatives of the EEC and the CIS noted the descent level of the System of National Accounts of the Kyrgyz Republic and the quality of estimations carried out, as well as discussed proposals for further development.

For reference

The System of National Accounts 2008 (2008 SNA) is a statistical framework adopted by the UN Statistical Commission as an international statistical standard for national accounts. It includes a comprehensive, systematic and flexible set of macroeconomic accounts used for policy development, analysis and scientific research. The 2008 SNA is intended for use by all States and has been designed with due regard to the needs of countries at various stages of economic development.

Information Support Section of the EEC Organizational Support and Protocol Department