The growth of the gross domestic product was made possible by the development of commodity production, services, and net taxes on products.
In November, the largest contribution to economic growth came from the production of pharmaceutical products, which increased by 1.9 times, as well as rubber and plastic products and construction materials, which grew by 34.5 percent. The printing industry also showed significant growth — by 33.7 percent.
Structure of GDP Growth
When analyzing changes in gross domestic product, various factors are considered, such as prices, production volumes by sectors, tax revenues, and government expenditures. Since Kyrgyzstan depends on imports, this affects economic indicators, especially when converted to other currencies, although this review uses official data in soms.
According to statistics, the share of the services sector in the total GDP was 49.3 percent, while commodity production accounted for 35.3 percent, and net taxes on products — 15.4 percent.
Industry Dynamics
In the 11 months of 2025, the volume of industrial production reached 685 billion 931.7 million soms, which is 11 percent more compared to the previous year. This growth was the result of increased production volumes in various sectors.
In the construction sector, production volumes increased by 29 percent, in the hotel and restaurant services sector — by 15.6 percent, in freight transportation — by 11.9 percent, and in wholesale and retail trade — by 9.5 percent.
The electricity, gas, and steam supply sector also demonstrated positive results: electricity production increased by 8.1 percent.
In the area of water supply and waste treatment, the growth was primarily associated with an increase in water collection and distribution by 23.3 percent.
Investments in Fixed Capital
The volume of investments in fixed capital for the 11 months of 2025 increased due to the growth of domestic funding sources by 18.2 percent. Foreign investments also showed growth — by 17.5 percent, with the total volume of investments reaching 283 billion 246.1 million soms.
The largest portion of investments (over 82 percent of the total) was directed towards the construction of facilities in sectors such as mining, education, housing, manufacturing, transportation, and electricity supply.
Economic Forecasts
According to forecasts, in 2025, the growth of Kyrgyzstan's economy will be approximately 10 percent, which corresponds to the indicators of previous years. This is related to the activation of infrastructure and housing construction and high domestic demand.
However, inflation continues to be a serious problem for the economy. Since the beginning of the year, it has reached 8.3 percent and has exceeded the target range of the National Bank, which is 5-7 percent. On a year-on-year basis, inflation reached 9.2 percent.
The main reasons for the increase in inflation are rising food prices, electricity tariffs, and domestic demand.
In response, the National Bank raised the discount rate again to 11 percent at the end of November 2025, which should help reduce demand for loans and slow down inflation.
Analysts from the Eurasian Fund for Stabilization and Development predict that in 2026-2028, the growth of Kyrgyzstan's economy will slow down to 6.4, 6, and 5.5 percent, respectively. They also expect a decrease in inflation rates, which, according to experts, may return to the target range of the National Bank of the Kyrgyz Republic as a result of tightening monetary policy.
