Kyrgyzstan’s GDP growth rate is projected to increase to 10.3% in 2025, after 9% a year earlier, according to the Eurasian Development Bank’s (EDB) latest Macroeconomic Outlook for its member states.
The increase is driven by rising gold prices, household consumption, and investment demand.
According to the EDB, state investment programs, which are mainly financed by international financial institutions, create prerequisites for increasing output growth rates in construction, transport, energy, and irrigation. The economy will receive additional support as a result of increased production of basic metals, which will provide an additional 0.7–0.8 percentage point contribution to GDP growth in 2025. In addition, export growth will be stimulated by high gold prices.
For 2026–2027, the EDB forecasts the country’s GDP growth rates at 7.1% and 6%, respectively.
Inflation at the end of 2025 is expected to be close to the target and will amount to 7.3%.
The EDB expects moderate weakening of Kyrgyzstan’s currency, the som, in the medium term. Over the rest of 2025, the exchange rate is projected to remain largely unchanged, averaging KGS 87.5 per US dollar, supported by growing export revenues amid favorable global gold prices and moderation in import growth.
Kyrgyzstan’s public debt amounted to 37.6% of GDP at the end of 2024, according to the preliminary assessment of the Ministry of Finance. Over the last four years, the indicator has decreased by 1.7 times: as of the end of 2020, public debt was estimated at 63.7% of GDP.
Improved debt sustainability allowed the government to enter the global borrowing market. Late in May 2025, Kyrgyzstan for the first time successfully placed sovereign Eurobonds worth $700 million on the international market. The coupon rate of the bonds was 7.75%, for a period of 5 years.
According to the EDB, Kyrgyzstan’s debt position remains stable. The EDB estimates that, taking into account the debut Eurobond placement, the country’s public debt will grow to 39.5% of GDP, while the threshold is set at 70% of GDP.
At the same time, the EDB warns that a deeper recession in the global economy may affect Kyrgyzstan’s foreign economic activity and GDP growth rate.
