Bank of Scotland: Uzbekistan continues to record high GDP growth
05/07/2017 14:17
Bank of Scotland: Uzbekistan continues to record high GDP growth
05/07/2017 14:17
Tashkent, Uzbekistan (UzDaily.com) -- Gross domestic product (GDP) of Uzbekistan has been at high level since mid-2000s, the article on the website of the Bank of Scotland said.
The bank’s specialists said that Uzbekistan’s economy grew 8.1% in 2014. Uzbekistan’s GDP slightly fell to 8% in 2015 and 7.8% in 2016. The growth of the GDP of Uzbekistan is estimated at 7% and 7.3% in 2017 and 2018 respectively. This is one of the most dynamically developing economies of the CIS.
Uzbekistan is the second largest economy in Central Asia after Kazakhstan with the most diversified economy in the region. The article said that Uzbekistan supplies products to Central Asian, CIS, European, Asian, African and American states. Recently, the European Union set new favorable conditions for the import of Uzbek textile products.
During independent years, the population of Uzbekistan rose by 12.5 million people, while economy of Uzbekistan rose almost six times and GDP per capita grew by 9 times.
In 1992-2016, Uzbekistan’s GDP at purchasing power parity grew from US$37.8 billion to US$205.7 billion. For comparison, GDP at purchasing power parity of Kazakhstan rose from US$122.7 billion to 451.3 billion.
According to the Bank of Scotland, after gaining independence, the Government of Uzbekistan has been conducting the strategy for gradual reform and import substitution. The economic policy of the Uzbek authorities to diversify the economy, export development and attract investment brings results. Uzbekistan implements localization programme for production of ready goods, promotion of consumer goods production, assistance to exporters, support of small and medium businesses, etc.
The bank said that Uzbekistan suffers from decrease in external demand for its exports and decline in commodity prices and domestic demand. But the country has significant financial reserves and low public debt. From the point of view, there are still many opportunities for improvement.
The service sector remains the largest sector in Uzbekistan, accounting 46.8% of the country’s GDP, while share of industry and agriculture in economy makes up 33.9% and 19.3% of GDP respectively.
Uzbekistan has a large textile industry and holds the sixth place in the world for production of cotton. The country also produces silk and wool, tries to diversify its agriculture, increase production and export of fruits and vegetables.
Uzbekistan is major producer of gas and oil and works to develop its industry, including the engineering, metallurgy, food, chemical, fertilizer and building materials sectors. At the same time, Uzbekistan is rich in natural resources: coal, zinc, copper, tungsten, uranium and silver.
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