TASHKENT

Uzbekistan’s gross domestic product (GDP) accelerated to 7.4 percent in 2021 against 1.9 percent in 2020 and 5.7 percent in 2019, supported by growth in main industries and sectors.

The pandemic hit Uzbekistan’s economy sharply in the first half of 2020, but the recession was moderated by strong and timely containment and support measures.

At current prices, the country’s nominal GDP amounted to $69.2 billion last year compared to $59.8 billion in 2020. Per capita GDP in current prices amounted to $1,900 in 2021, 5.3 percent up from a year earlier, the country’s State Statistics Committee said.

The country’s industry grew by 8.7 percent, services – by 9.2 percent, construction – by 6.8 percent, agriculture, forestry and fisheries – by 4.0 percent.

GDP’s sectoral structure has also faced a significant change in 2021 – the share of industry in GDP increased to 27.8 percent from 27.5 percent, while the share of agriculture, forestry and fisheries decreased to 26.9 percent from 27.1 percent, the service sector declined to 38.6 percent from 38.7 percent. The share of the construction sector remained at the level of 2020 – 6.7 percent.

In January Uzbek officials said that Uzbekistan’s real GDP growth in 2022 was expected to be around 5.5-6.5 percent. The large-scale fiscal stimulus that has been implemented in 2020-2021 will be one of the main factors supporting economic activity in the first half of 2022, they said.

The country’s budget envisages 6 percent economic growth this year and annual inflation at around 9 percent. The growth is expected to be driven by an increase in industrial production by 7 percent, services by 6.5 percent, construction by 8.1 percent, agriculture by 3.3 percent. The budget law sets the upper limit of attracting external debt at $4.5 billion.

According to the World Bank that predicted slow economic growth in the region, Uzbekistan’s GDP is projected to grow by 5.6 percent in 2022 and by 5.8 percent in 2023.

“In Uzbekistan, growth should continue to benefit from the implementation of its reform agenda, which progressed throughout the pandemic despite formidable headwinds,” the World Bank said in its updated outlook of the global economy.