Uzbekistan expects economic growth in 2022

Uzbekistan Materials 25 November 2021 10:39 (UTC +04:00)

BAKU, Azerbaijan, Nov. 25

By Natavan Rzayeva - Trend:

The economy of Uzbekistan is expected to grow by six percent in 2022, mainly due to the recovery of the growth rates of its main industries to pre-pandemic level, Trend reports via the Uzbek Ministry of Finance.

Other factors for economic growth will be an increase in the final consumption of households, investment in fixed assets, an increase in the volume of export and import operations.

According to the ministry, GDP growth for the outgoing year is forecasted at the level of 7 percent, while last year it was 1.7 percent.

The recovery in rates of the economy is causing shifts in the sectoral structure of GDP. In 2022, the share of services and industry sectors is expected to increase, while the share of agriculture, forestry, and fisheries will decrease.

The level of inflation in the country is expected to drop to 10 percent by the end of 2021, it is projected to slow down to five percent in 2023 and in subsequent years.