Kyrgyzstan Vehicles Market is progressively growing despite the country is the second as level of poverty in Central Asia. Traditionally fueled by imported used vehicles, actually the industry is building up an import infrastructures for new vehicles.
Kyrgyz economy has remained resilient to an adverse and volatile external context, growing at a robust 3.8% in 2016. Growth was driven by a recovery of the gold sector and an increase in private consumption – fueled by increased remittances, as well as government spending. The stabilization of the exchange rate, following appreciation early in the year, and low international food prices kept inflation at bay for most of 2016.
Both exports and imports contracted: exports impacted by weak external demand and the enforcement of strict quality standards by the Eurasian Economic Union; and imports mostly reflecting low fuel prices and volumes imported. As a result, the trade balance improved slightly, while the current account balance was buoyed by the recovery in private transfers.
Against a backdrop of weak external environment, the Kyrgyz authorities pursued an expansionary fiscal policy and relaxed the monetary stance, boosting domestic demand in the short run. And, while increased government spending supported economic activity, it came at the cost of significantly reduced fiscal buffers, which had been built up in previous years. Economic growth decelerated slightly to 3.4% in 2017 and is expected to recover to 4% over the medium-term, owing to remittance supported-consumption.
Kyrgyz vehicles market is still one of the smaller in the World, despite over 6 million people are living in this central Asian country. The most of circulating park is very old and just recently the OEMs have approached the market. Toyota, for instance, landed in the country only at the end of the 2012.
In the 2017 total light vehicles sales have been 2.210, up a little 5%.
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