Uzbek Ministry of Finance names reasons for GDP growth

Finance Materials 30 May 2019 13:42 (UTC +04:00)

Baku, Azerbaijan, May 30

By Fakhri Vakilov – Trend:

Following the results of 2018, gross domestic product (GDP) of Uzbekistan amounted to 407.5 trillion soums and increased by 5.1 percent compared to 2017, Trend reports via Uzbek media.

During the meeting of the Legislative Chamber of the Parliament of Uzbekistan, a report on the execution of the State budget and budgets of state trust funds of Uzbekistan for 2018, submitted by the Cabinet of Ministers, was reviewed.

The report was presented by Deputy Prime Minister - Minister of Finance of Uzbekistan Jamshid Kuchkarov.

The growth of GDP was promoted by the industrial sector (2.1 percent). The service sector surplus was 1.8 percent. Compared to last year, the volume of construction work increased by 9.9 percent, and the positive contribution of the construction industry was estimated at 0.5 percent in absolute GDP growth.

In agriculture, forestry and fisheries there was an increase of 0.3 percent. The impact of this sector of the economy on the absolute GDP growth rate was 0.1 percent.

It was emphasized that during the execution of the State Budget of Uzbekistan for 2018, special attention was paid to the financing of measures aimed at the further development of the social sphere, raising the standard of living of the population and providing social protection for citizens.

In particular, last year, 53.8 percent of the State budget expenditures were spent on social protection of the population, that is, 10.5 percent in relation to GDP.

In 2018, total income of the population amounted to 286.3 trillion soums and exceeded the figures for 2017 by 110.3 percent. At the end of the year, the foreign trade turnover in the country amounted to $33.8 billion which is 27.3 percent more than in 2017.

In 2018, revenues to the state budget amounted to 79.99 trillion soums. Compared to 2017 they grew by 59.2 percent and were 16.599 trillion soums (126.6 percent), which exceeds the relative forecast of 62, 500 trillion soums.

In turn, the share of the State budget revenues in GDP was 19.4 percent.

($1-8498.34 soums on May 30)


Follow author on Twitter:@vakilovfaxri