TASHKENT

Uzbekistan projects its economy to expand by 5.9 percent in 2022, down from 7 percent projected for this year and higher than projections of international financial institutions.

In nominal terms, gross domestic product (GDP) is forecast to reach $74.2 billion, while per capita GDP is expected to be $2,100 next year.

The added value in the projected GDP is expected to amount to 778,153.6 billion Uzbek soums (92.6 percent of GDP), and net tax revenues from products and export-import operations are expected to amount to 61,865.9 billion soums (7.4 percent of GDP), according to the draft budget for 2022 that has been submitted to the parliament by the Accounts Chamber.

In the sectoral breakdown, the largest share of value-added, 35.8 percent, falls on the service sector, followed by the industry (25.9 percent), construction (6.3 percent), agriculture, forestry and fisheries (24,7 percent).

The Central Asian nation’s construction sector is expected to grow by 8.1 percent, industry  – by 7 percent, services – by 6.5 percent, agriculture, forestry and fisheries – by 3.1 percent next year.

The country’s foreign trade turnover is projected to reach $46.2 billion, exports – $20.1 billion and imports – $26.1 billion, resulting in a negative balance of $5.9 billion in 2022. If the projected targets for the next year are achieved, the country’s export will grow by 19 percent year-on-year and imports – by 9.5 percent.

Uzbekistan expects depreciation of the soum national currency against the U.S. dollar to 11,321 soums per dollar from the current 10,715.30 soums.

The state budget’s draft eyes annual inflation target at 9 percent, unchanged from this year’s level, and at 5 percent in 2023.

In January-September this year, the country posted 6.9 percent GDP growth and developed $10.2 billion investments.

The Central Asian country increased its forecast on foreign direct investment by 121 percent, while the projection for funds from international financial institutions was exceeded by 100 percent.

Uzbekistan plans to ensure 7.0 percent GDP growth this year and the government has tasked itself to increase the volume of production in all sectors of the economy.

The World Bank projects Uzbekistan’s GDP growth at 6.2 percent in 2021 and 5.6 percent in 2022. According to the International Monetary Fund, the country’s GDP is projected to grow 6.1 percent in 2021 and 5.4 percent in 2022. Annual inflation is projected at 10.6 percent this year and 10.2 percent in 2022.