The economy of Uzbekistan endured increasing pressure from external risks, mainly from its trading partners. High volatility in the global commodity market and disruption of supply chains have also exacerbated the economic fluctuation, review.uz analyzes.
Nevertheless, the economy of Uzbekistan in the first half of the year demonstrated not only resilience to large-scale challenges, but also a positive growth trend.
According to the State Statistics Committee, the gross domestic product (GDP) of Uzbekistan in January-June 2022 soared by 5.4% compared to the corresponding period in 2021.
Inflation
Annual inflation in the first half of the year against the background of global shocks slightly went up and amounted to 6.5% that can be seen in food products - by 8.9%, and non-food products - by 5.8%.
Investments
According to the results of January-June 2022, investments in fixed assets from all sources of financing amounted to 121.8 trillion soums, a significant jump by 9.4% compared to the corresponding period last year.
There is an increased dynamics of growth in non-centralized investments - an increase of 17.6%. In particular, the volume of attracted foreign direct investment (FDI) and investments through foreign loans increased by more than 5.2%.
Centralized investments, on the contrary, decreased by 27.5%. In particular, investments at the expense of foreign loans guaranteed by the government decreased by 54.3%. At the same time, budget investments increased by 30.4%.
It shows that the share of centralized investments in total investments decreased from 18.1% to 12.0%, while the share of non-centralized investments surged from 81.9% to 88%, respectively.
International trade
The foreign trade turnover of the republic in January-June 2022 amounted to $24.5 billion and increased by $6 billion or 32.4% compared to the corresponding period last year. In particular, exports amounted to $9.9 billion (an increase of 40.5%), imports - $15 billion (an increase of 27.4%).
The growth in exports is primarily due to the export of gold, which was not exported in the first half of last year.
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