Uzbekistan’s GDP expanded by 6.2% YoY in January-June. The growth of industry comprised 8.5%, investment – 5.9% and the service sector – 8%. The inflation rate was 10.9%. The results for the reporting period were unveiled during a videoconference chaired by President Shavkat Mirziyoyev on August 3.
Industrial products worth $18.7 billion were manufactured with relatively high growth rates observed in the mining and metallurgical, textile and electric power industries.
Despite the allocation of the necessary financial resources for the development of regions and industries, according to Mirziyoyev, the expected results were not enough.
While the volume of industrial production in the Syrdarya region increased by 41%, by 33% in Khorezm, by 24% in Namangan and Surkhandarya, regions with even more opportunities, as Ferghana and Tashkent, saw a growth of 1.2% and 4.6%, respectively.
Over one hundred industrial enterprises in the regions produced goods valued at $206.2 million less than last year.
Some 5,246 projects were implemented within the framework of regional investment programs. Over 53,000 new business entities were created in the country, up by 14%.
The textile industry, according to forecasts, until year-end is set to deliver goods worth over $1.4 billion, and export products worth $1.7 billion. Export in the electrical industry is set to amount to $348 million, and up to $251 million in the leather industry.
Mirziyoyev pointed out the unsatisfactory level of work in the fields of animal husbandry and poultry farming.
He stressed that the population’s need for food was growing, and urged to increase production volumes to meet it.
Noting the state of the service sector he said: “The state has created all opportunities. Our people are active and hardworking. Now it is necessary to radically change the service sector. This is the lowest-cost way to create new jobs. The more services there are in rural areas, the higher the quality”.
Seven commercial banks were allocated $148 million to develop the service sector. As a result, the volume of services increased by more than 18%. (Uzreport/Business World Magazine)