Growth of Uzbekistan’s economy begins to outpace WB forecasts

According to preliminary estimates, the gross domestic product (GDP) of Uzbekistan for January-June 2019 in current prices amounted to 222 trillion soums, follows from data of the State Statistics Committee.

Compared with January-June 2018, GDP increased in real terms by 5.8%. GDP per capita amounted to 6.6 million soums, which is 3.9% more than in the corresponding period of 2018.

The economic growth rate happens due to the positive dynamics in the main sectors of the economy, the committee explained.

So, for example, gross added value, created by all sectors of the economy, accounted for 90% of total GDP and increased by 5.8%. Net taxes on products amounted to 10% in GDP and showed an increase of 5.9%. 

The largest contribution to GDP growth was made, as usual, by the services sector, it grew by 5.1% compared with the corresponding period of the previous year (the contribution was 1.7%).

At the end of June, at a meeting held under the chairmanship of Shavkat Mirziyoyev, it was reported that in the first half of the year, GDP is expected to grow by 5.4%. In practice, it turned out to be 0.4% more.

In addition, in early April, the World Bank raised its forecast for economic growth in Uzbekistan from 5.1% to 5.3% in 2019. Earlier, it was reported that the growth of Uzbekistan’s economy in the first quarter met the forecasts of the World Bank, and now it has even exceeded them.