Uzbekistan records 5.1% GDP growth in 1Q

Tashkent, Uzbekistan (UzDaily.com) -- Gross domestic product (GDP) of Uzbekistan made up 64.96 trillion soums in January-March 2018 in current prices and grew by 5.1% year-on-year, according to the preliminary data of the State Statistics Committee of Uzbekistan.

The GDP deflator index in relation to prices made up 137.4% in the first quarter of 2018, the committee said.

GDP per capita made up 1.98 million soums, which is 3.3% more than in the corresponding period last year.

The gross added value (GAV), created by all sectors of the economy, made up 83.8% of the total GDP and grew by 5% (contribution to GDP growth - 4.4 percentage points). Net taxes on products accounted for 16.2% of the GDP and rose by 5.3% (contribution to GDP growth - 0.7 percentage points).

Service sector made the largest contribution to GDP growth (2.2 pp), which increased by 4.4% compared to January-March 2017. Trade, accommodation and food services grew by 1.1%, transportation and storage, information and communication - by 7.1% and other services - by 4.6%.

The added value of the industry showed an increase of 5.0%. A positive contribution to GDP growth from industrial production is estimated at 1.3 pp. The mining industry grew by 20.7%, manufacturing - by 1.8% and other industries - by 5.8%.

The volume of construction works rose by 12.2%. A positive contribution to GDP growth from the construction industry sector is estimated at 0.8 pp.

In January-March 2018, a positive growth rate was observed in agriculture, forestry and fisheries at 1.8%. Due to the growth of this sector, the GDP growth is 0.1 pp.

The rate of economic growth is determined by the positive growth rates in the main sectors of the national economy. The gross value added (GVA), created by all sectors of the economy, accounted for 83.8% of the total GDP and grew by 5.0% (contribution to GDP growth - 4.4 percentage points). Net taxes on products accounted for 16.2% of the GDP structure and showed an increase of 5.3% (contribution to GDP growth - 0.7 pp).

The largest contribution to GDP growth was made by the services sector (2.2 pp), which increased by 4.4% compared to January-March of the previous year. From it, trade, accommodation and food services, grew by 1.1%, transportation and storage, information and communication - by 7.1% and other services - by 4.6%.

The added value of the industry showed an increase of 5.0%. A positive contribution to GDP growth from industrial production is estimated at 1.3 pp. Growth in the industry is due to the growth in value added of the mining industry and the development of quarries by 20.7%, manufacturing - by 1.8% and other industries - by 5.8%.

As a result of ongoing large-scale construction of multi-apartment residential buildings, as well as the implementation of investment projects for the construction and modernization of enterprises in the basic industries, the increase in the volume of construction work amounted to 12.2%. A positive contribution to GDP growth from the construction industry sector is estimated at 0.8 pp.

In January-March 2018, agriculture, forestry and fisheries recorded growth at the rate of 1.8%, which contributed to 0.1 pp growth of the GDP.

The share of agriculture, forestry and fisheries in the sectoral structure of GDP declined from 6.5% in January-March 2017 to 6.3% in January-March 2018. The share of industry increased from 29.1% to 34.8%, construction - from 7.4% to 7.6%.

The share of services in the sectoral structure of GDP in January-March 2018 was 51.3%, which is 5.7% less than in January-March 2017 (57.0%).

In January-March 2018, the structure of GDP by ownership forms 78.8% of the total volume falls to the non-state sector of the economy, 21.2% to the public sector.

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