Uzbekistan’s GDP grew by 4.1% in Q1 

According to the results of the reporting period, the growth of gross domestic product (GDP) amounted to 4.1%. The share of industry was 1.2%, services – 1.5%, agriculture, forestry and fisheries – 0.5%, construction – 0.4%.

In the first quarter of 2020, state budget revenues amounted to 28.5 trillion soums (+23.6%), and expenses – 27.7 trillion soums (+14.6%). The budget is implemented with an excess of 0.8% of GDP. 

According to the press service of the lower house, 344 billion soums were allocated to mitigate the effects of the coronavirus pandemic and global crisis on the economy using funds from the Anti-Crisis Fund. Also, in the reporting period, 2.7 trillion soums were allocated for economic expenses, and 1.9 trillion soums for investment financing expenses.

“The state budget fully funded the envisaged expenses and quarantine restrictions imposed from the second half of March due to the coronavirus pandemic did not significantly affect the Q1 results. Revenues for the first quarter were paid mainly from the working capital following the results of the fourth quarter of 2019,” the Ministry of Finance said.

Due to the coronavirus pandemic, a slowdown in international integration is observed in almost all countries of the world. This was the reason that the foreign trade turnover of Uzbekistan amounted to $8.1 billion, decreased by 10.2% ($924 million) compared with the same period in 2019.