19:32 / 21.10.2021
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Uzbekistan’s real GDP growth amounts to 6.9% in Jan-Sept 2021 

Since the beginning of the year, there have been positive trends in the dynamics of domestic and external demand due to increased economic activity and an improvement in the situation with the pandemic.

Photo: Depositphotos

As the press service of the Central Bank reported, for 9 months of 2021 real GDP growth was 6.9%. At the same time, compared to the same period last year, the volume of industrial production increased by 9%, agriculture – by 4.2%, construction – by 4.5% and investments in fixed assets – by 5%. During this period, the income of the population in real terms increased by 10.4%.

“At the same time, recovery of economic activity in some sectors of the economy to pre-pandemic levels will take a longer period of time. Domestic and foreign tourism, transport, car production (decreased by 32.4% compared to 9 months of last year) and catering have not yet reached the level of 2019. Full recovery of economic processes in these sectors in the future will be a supporting factor for high rates of economic growth,” the report reads.

The main factors behind the recovery in consumer demand in the economy during the year were financial incentives, the recovery of economic processes in the private sector and the growth of external economic relations against the background of the stabilization of the macroeconomic situation with the main trading partners. Retail turnover, reflecting the state of consumer demand, for 9 months of 2021 in real terms increased by 9.8%.

In turn, the volume of production of consumer goods in January-September 2021 increased by 10.9%, food products – by 18.3% and non-food products – by 6.9%.

The volume of loans allocated by commercial banks to the economy for 9 months increased by 33% compared to the same period last year and reached 119.5 trillion soums. At the same time, the number of car loans issued to the population increased 1.6 times, microloans – 1.7 times and microloans – 2.3 times.

“This, in turn, has served as an important channel for maintaining consumer and investment demand. At the end of the current year, credit investments are expected to grow in proportion to the growth of nominal GDP within the range of 16-18%,” the Central Bank concluded.

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