The inauguration of Almazbek Atambayev as president on December 1st 2011 puts in place the last piece of the new political system following the overthrow of Kurmanbek Bakiyev in April 2010. The handover of power marks a recovery in the country's democratic credentials. Policy will focus on maintaining political and economic stability. However, difficulties with raising revenue, as well as high levels of social spending, will produce large budget deficits in 2012-13. Industrial expansion will be hit in 2012 by a substantial downgrade in the forecast for gold output. A slowdown in the economies of leading economic partners, primarily Russia, will work in the same direction. High prices of fuel and slower export growth could see the current-account deficit widen again in 2012, having narrowed considerably in 2011 on preliminary figures.