Output cut at Kumtor gold mine slows Kyrgyz GDP growth in 2014
BISHKEK – Growth in Kyrgyzstan's gross domestic product slowed to 3.6% last year from 10.9% in 2013 after output was reduced at a flagship gold venture, according to statistics released on Thursday.
The mainly Muslim Central Asian nation of 5.5-million depends heavily on the output of the Kumtor gold mine, operated by Canada's Centerra Gold, and on remittances from migrants working abroad.
"This decline (in GDP growth) is mainly due to Kumtor, their output dragged us down," Azamat Orosbayev, a department chief at the National Statistics Committee, told Reuters.
Kumtor, which lies in the Tien Shan mountains and is the country's largest gold deposit, reduced output to 17.6 t last year from 18.67 t in 2013 as ore grade fell, according to early Kyrgyz official data.
Kumtor accounted for 7.4% of Kyrgyz GDP and 15.5% of its industrial output last year. Gold, which besides Kumtor includes several small mines, made up 41% of all Kyrgyz exports last year.
Kyrgyzstan plans to join in May the Eurasian Economic Union of Russia, Kazakhstan, Belarus and Armenia, which was officially set in motion on January 1.
But the hard-up nation's membership in the Moscow-led body may further cut its growth this year, as Russia slides into depression and oil-rich neighbour Kazakhstan's growth slows.
Presenting its 2015 draft budget in parliament last month, the Kyrgyz government said it expects GDP to expand by 6.2% this year. The cabinet said later, however, that it might revise the optimistic outlook.
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