BAKU, Azerbaijan, July 17
By Ilkin Seyfaddini – Trend:
Gross domestic product (GDP) of Uzbekistan in the first half of 2020 grew by 0.2 percent compared to the same period in 2019, Trend reports citing the State Statistics Committee of Uzbekistan.
For the period from January through June 2019, the GDP growth rate was six percent.
According to the Committee, the index of the physical volume of industrial production decreased from 104.8 percent to 98.1 percent. The growth rate of services slowed down from 12.7 percent to 2.6 percent, construction work slowed down from 23.7 percent to 7.3 percent and retail turnover slowed down from 6.4 percent to 0.7 percent.
The country's foreign trade turnover fell by 18.2 percent between January and June 2020. At the same time, exports fell by 22.6 percent, while imports fell by 15 percent.
The only sphere where the growth rate increased in 1H2020 was agriculture, forestry and fisheries, where an increase from 2.4 percent in 2019 to 2.8 percent in 2020 was observed.
Economic growth in Uzbekistan in 2019 was 5.6 percent.
The World Bank reduced the forecast for Uzbekistan's GDP growth in 2020 to 1.5 percent in early June due to the COVID-19 pandemic. The International Monetary Fund expects a slowdown in Uzbekistan's GDP growth to 1.8 percent in 2020, the European Bank for Reconstruction and Development projected a slowdown to 1.5 percent.
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