The preliminary estimate of the country's gross domestic product (GDP) for the first quarter of 2023 shows a slowdown in the first quarter which is not unusual. This was reported to "Daryo" by the Center for Economic Research and Reforms.
In the fourth quarter of 2022, the trend of weekly growth of GDP continued, which was also observed in the third quarter of last year.
The growth trend was mainly due to a significant increase in business activity in the field of foreign trade and services. In particular, in 2022, the foreign trade turnover of goods and services increased by 18.6 percent.
In October and November of last year, the activity in industry, domestic trade and service sectors also surged significantly.
This was reflected in the categories of "Business and Industry" - 15.7%, "Shopping" - 17% and "Leisure and entertainment" - 10%.
In August and October 2022, the growth of Uzbekistan's economy was forecasted at around 5.81 percent and 5.77 percent, respectively.
At the same time, the economic growth of Uzbekistan in 2022 was predicted between 5.67% to 5.87%.
In general, last year, despite external and internal difficulties, the economy of Uzbekistan showed stability.
The economy of Uzbekistan will continue to develop this year. In the first quarter of 2023, the annual growth of the economy is expected to be 5.47 percent.
A slight slowdown in the economy will be due to significant inflationary pressures and seasonal factors. The forecast range of annual economic growth for the first quarter of 2023 was set at the level of 5.31-5.62 percent.
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