Following a current-account deficit of US$300m (6.4% of GDP) in 2009, we estimate that the deficit widened in US dollar terms in 2010, to around US$400m, largely owing to higher prices for commodity imports. The deficit widened to an estimated 9.1% of GDP because of the economic downturn. Prices for gold, the Kyrgyz Republic's main export, boosted export revenue in 2010, and this trend will continue in 2011. However, import costs will rise in 2011 as domestic demand recovers, and will also be boosted by rising global commodity prices. We therefore forecast that the current-account deficit will continue to expand in 2011, to the equivalent of 13.3% of GDP. Although a continuing recovery in domestic demand in 2012 will suck in imports, import costs will be constrained by falling commodity prices. However, export revenue will also be held in check by a fall in global gold prices. We expect the current-account deficit to narrow slightly in 2012, to 13.1% of GDP.