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Uzbekistan’s GDP in 1Q 2018 up

16 April 2018 [15:51] - TODAY.AZ

By Azernews

By Kamila Aliyeva

Uzbekistan’s GDP in January-March 2018 amounted to about 64.96 trillion soums in current prices, which is 5.1 percent higher compared to the same period in 2017.

According to the State Statistics Committee of Uzbekistan, the index - the GDP deflator relative to the prices in January-March 2017 - amounted to 137.4 percent.

GDP per capita amounted to 1.98 million soums, which is 3.3 percent more than in the corresponding period of last year.

The rate of economic growth is conditioned by the positive growth rates in the main sectors of the national economy. The gross value added (GVA), created by all sectors of the economy, accounted for 83.8 percent of the total GDP and grew by 5 percent (contribution to GDP growth - 4.4 percentage points). Net taxes on products accounted for 16.2 percent of the GDP structure and showed an increase of 5.3 percent (contribution to GDP growth - 0.7 percentage points).

The largest contribution to GDP growth was made by the services sector (2.2 percentage points), which increased by 4.4 percent compared to January-March of the previous year. Of this, trade, accommodation and food services, grew by 1.1 percent, transportation and storage, information and communication - by 7.1 percent and other services - by 4.6 percent.

The added value of the industry showed an increase of 5 percent. A positive contribution to GDP growth from industrial production is estimated at 1.3 percentage points. Growth in the industry is due to the growth in value added of the mining industry and the development of quarries by 20.7 percent, manufacturing - by 1.8 percent and other industries - by 5.8 percent.

As a result of ongoing large-scale construction of multi-apartment residential buildings, as well as the implementation of investment projects for the construction and modernization of enterprises in the basic industries, the increase in the volume of construction work amounted to 12.2 percent. A positive contribution to GDP growth from the construction industry sector is estimated at 0.8 percentage points.

In January-March 2018, a positive growth rate was observed in agriculture, forestry and fisheries at 1.8 percent. Due to the growth of this sector, the GDP growth of 0.1 percentage points was achieved.

The share of agriculture, forestry and fisheries in the sectoral structure of GDP declined from 6.5 percent in January-March 2017 to 6.3 percent in January-March 2018. The share of industry increased from 29.1 percent to 34.8 percent, construction - from 7.4 percent to 7.6 percent.

The share of services in the sectoral structure of GDP in January-March 2018 was 51.3 percent, which is 5.7 percent less than in the first quarter of 2017 (57.0 percent).

In January-March 2018, in the structure of GDP by forms of ownership, 78.8 percent of the total volume falls to the non-state sector of the economy, while 21.2 percent - to the state sector.

Earlier, the International Monetary Fund (IMF) predicted that during 2018-2019, Uzbekistan’s GDP will continue to expand steadily at about 5 percent, supported by favorable external demand and commodity prices, a pickup in agriculture due to reform measures and the expected normalization of harvests, and a humming construction sector building houses and public infrastructure.


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