Kyrgyz businesses are the most active in the EAEU in increasing loans in national currency

Kyrgyzstan once again ranked first in the EAEU statistics, this time in terms of the growth of business debt on loans in national currency. Over the year (end of the second quarter compared to the same period in 2024), it grew by 33%. This is the highest figure among all countries of the union.

For comparison, in Armenia and Belarus, the growth for the same period was 22%, in Kazakhstan – 16%, and in Russia – only 14%. Even in terms of foreign currency loans, Kyrgyzstan shows an increase of 27%, while Belarus and Russia, on the contrary, recorded a decrease of 4% and 16%, respectively. However, in terms of the growth rate of business debt in foreign currency, Kyrgyzstan lags behind Armenia (37%) and Kazakhstan (33%).

The growth in debt burden affects key sectors of the economy in all EAEU countries. Business debt in national currency grew particularly rapidly in:

• construction — by 37% in Kyrgyzstan and 27% in Armenia;
• transport and logistics – by 56% in Kyrgyzstan and 42% in Belarus;
• accommodation and food services – by 35% in Kazakhstan and Armenia;
• arts, entertainment and recreation – by 37% in Russia and 6% in Kazakhstan.

However, some sectors show the highest growth rates. In Kyrgyzstan, the information and communications sector set a record, with debt increasing 13.5 times. In Belarus, several industries became leaders in borrowing: mining and quarrying — a 10.4-fold increase, electricity and water supply — a 2.3-fold increase each, and education — a 3.1-fold increase.