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Uzbekistan reveals GDP growth for 1Q2021

Uzbekistan Materials 20 April 2021 12:02 (UTC +04:00)
Uzbekistan reveals GDP growth for 1Q2021

BAKU, Azerbaijan, Apr. 20

By Klavdiya Romakayeva - Trend:

The GDP of Uzbekistan in 1Q2021 increased by three percent compared to the same period last year, Trend reports with reference to the State Statistics Committee of Uzbekistan.

According to the committee, inflation rates continue to slow down in Uzbekistan - the growth in prices in 1Q2021 amounted to 2.5 percent, while in the same period in 2020 it accounted for 2.8 percent.

It was noted that the main driver of inflation in Uzbekistan is the rise in prices for food products with an increase of 3.1 percent compared to December 2020, however, a slowdown was registered in comparison with the same period last year (by 4.3 percent in 3M2020).

It is reported that the growth in prices for non-food products remained at the level of 1.7 percent, but prices for services grew at a faster pace than in the same period last year - by 2.7 percent in 3M2021 against 1.5 percent in the same period last year.

At the same time, the output of agriculture, forestry, and fisheries in the first three months increased by 3.1 percent with a slight slowdown relative to growth in the first quarter of 2020 (3.9 percent).

On the contrary, in the industrial sector, there is an acceleration in the growth of output to 3.8 percent against 1.9 percent in the same period of the previous year.

The committee notes that the main factors are a slowdown in the decline in the mining industry from 13.3 percent to 0.1 percent, an increase in output in the manufacturing industry by 4.6 percent, an acceleration in production in the sector of electricity, gas, steam and air conditioning from 7.9 percent in the first quarter of 2020 to 10.1 percent in the current one.

Also, during the period under review, the construction sector added slightly by 0.5 percent. The service sector increased by 5.8 percent. In the transport sector, there is an acceleration in the growth of freight turnover to 2.8 percent, at the same time, passenger turnover has slightly decreased - by 3.8 percent. Retail trade in 1Q2021 grew by 2.8 percent with a slight slowdown compared to the same period last year (3.8 percent).

Furthermore, the volume of foreign trade turnover in 1Q2021 decreased by 11.6 percent to $7.1 billion, while, imports decreased by 1.3 percent to $4.7 billion. The main decline was noted in exports by 26.5 percent to $2.4 billion.

In particular, in the structure of exports, there was an increase in the supply of food products abroad by 18.4 percent, chemical products, and products from them by 21 percent, non-ferrous metals - by 58 percent, machinery and equipment by 58 percent, textiles and textile products by 37.8 percent.

At the same time, there was a decline in the export of energy carriers and petroleum products by 53.1 percent, ferrous metals, and products from them by 22.7 percent, services by 25.7 percent.

In the structure of imports, purchases from foreign countries of food products increased by 48.4 percent, chemical products by 13.3 percent, ferrous metals and products from them by 13.3 percent. Meanwhile, imports of machinery and equipment decreased by 16.1 percent, energy carriers, and oil products by 2.2 percent, services by 20.4 percent.

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Follow the author on Twitter: @romakayeva

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