Uzbekistan's GDP increases by more than 5%

Business Materials 23 January 2019 16:21 (UTC +04:00)

Baku, Azerbaijan, January 23


Preliminary estimates demonstrate that Uzbek GDP in current prices amounted to 407,514.5 billion soums for 2018 and, compared with 2017, increased in real terms by 5.1 percent, Trend reports with reference to UzDaily.

GDP per capita reached 12.36 million soums which is 3.3 percent more than in the corresponding period of last year.

The economic growth rate is due to the positive dynamics in the main sectors of economy. The gross value added created by all sectors of the economy amounted to 88.8 percent of total GDP and increased by 5.1 percent contributing to a GDP growth of 4.5 percentage points.

Net taxes on the product amounted to 11.2 in the structure of GDP and showed an increase of 5.5 percent bringing a contribution to the GDP growth of 0.6 percentage points.

The largest contribution to GDP growth was made by industry with 2.1 percentage points which increased by 10.6 percent compared to the previous year. The positive dynamics in this sector was achieved due to the expansion of the added value of mining industry and the development of quarries by 28.2 percent, manufacturing industry by 6.4 percent and other industries by 4.7 percent.

Metallurgical and metalworking industry except for machinery and equipment holds the largest share in the gross value added structure of the manufacturing industry which is 24.5 percent.

Compared to 2017 prices, the GDP deflator index reached 128.1 percent in 2018. The highest values of deflator indices in the structure of GDP were recorded in industry by 144.3 percent, agriculture, forestry and fisheries by 128.6 percent.

The deflator index below the national average was recorded in construction by 23.9 percent, trade, accommodation and food services by 17.8 percent, transportation and storage, information and communication by 11 percent, other services industries by 24.8 percent, and net taxes on products by 24.1 percent.