Uzbekistan’s GDP jumps by 8 percent

/By AzerNews/

By Laman Sadigova

Uzbekistan’s GDP rose by 8 percent in 2015, Uzbek President Islam Karimov stated.

Such sustainable growth was achieved thanks to the measures taken for strategic transformation and diversification of economy, he said.

The volume of investments to the economy rose by 9.5 percent and amounted to $15.8 billion. Over $3.3 billion or 21.1 percent of all the investments are accounted for foreign investments, 73 percent of which were direct foreign investments.

Industrial production rose by 8 percent, agriculture – by 6.8 percent, retail trade – by 15.1 percent, paid services – by 10.8 percent, and construction works – by 17.8 percent.

Construction and commissioning of 158 large production facilities, with a total value of $7.2 billion, were completed in 2015.

The Uzbek state budget was executed with a surplus of 0.1 percent of GDP while the inflation rate was 5.6 percent.

Karimov, addressing the Cabinet meeting, said the country plans to double the GDP volume by 2030.

“Our main guideline should be continuous technological and technical renewal of production, as well as the constant search for internal reserves and the implementation of deep structural transformations in economy, modernization and diversification of industry,” he said.

Karimov said that it is necessary to develop and realize programs on production of all types of raw materials to produce semi-ready and ready products.

“The most important direction of implementation of our internal resources and capabilities should be gradually increasing the depth of processing of the domestic raw material resources, mineral and vegetable, which is rich in our land, and the expansion of the volumes and nomenclature of production of products with high added value,” said Karimov.

Uzbekistan can rise increase petrochemical industry by 3.2 times by 2030, non-ferrous metals – by 2.2 times, ferrous metals – by 2.3 times, chemical products, including mineral fertilizers, - by 3.2 times in the result of production of goods with high added value.

President Karimov said that production of ready products with high added value, demanded at external markets, will also ensure sustainable growth of exports.

The head of the state said that it is necessary to develop programs for deep processing of raw materials and semi-ready products till 2020, 2025 and 2030. He added that Uzbekistan should double its economy by 2030.

Uzbekistan should reduce the energy intensity of GDP by about two times via widespread introduction of energy saving technologies, he said.

Karimov said that it is enough to ensure average annual growth of GDP at the level of 4.8 percent to double GDP of the country in 2016-2030. He recalled that in last 11 years, Uzbekistan’s economy grew at least by 8 percent.