Infographics: Main macroeconomic indicators of the Republic of Uzbekistan for 2021

Infographics: Main macroeconomic indicators of the Republic of Uzbekistan for 2021

At the end of the year, the country’s GDP grew by 7.4 percent, compared to last year’s modest growth of 1.9 percent. The external condition for Uzbekistan in 2021, in general, was positive: after the shocks of 2020, the global economy has moved to recovery.

Measures were also taken to return the economies to the pre-crisis levels. In the countries which are the main foreign economic partners of Uzbekistan. Kyrgyzstan has moved to economic recovery after a serious decline in 2020 by 8.4%. At the end of 2021, the GDP of Kyrgyzstan increased by 3.6%. The growth of the Russian economy, according to preliminary estimates, may reach 4.5% (according to the Ministry of Economic Development, in January-November, GDP growth accounted for 4.7%). China’s economic growth rate in 2021 was the highest in the past 10 years, at 8.1 percent. GDP growth was also observed in Kazakhstan during the year. (GDP growth was 3.6 percent in January-September 2021).

Inflation in Uzbekistan continues to slow year by year. Over the past year, the consumer price index has increased by 10 percent, compared with 11.1 percent in 2020. Prices for food products increased by 13% over the year (in 2020 by 15.3%), for non-food products - by 7.8% (in 2020 by 8.8%). Prices of services grew by - 7.7%, increased at higher rates compared to 7.1% in 2020.

Investments in fixed capital increased by 5.2%, overcoming the decline in 2020 by 4.4%. The increase is noted in terms of non-centralized investments by 7.4%, mainly due to foreign direct investment and loans by 18.4%. There has also been a 4.5% increase in investment from household funds. Meanwhile, capital investment by enterprises decreased by 3.6%. Centralized investments decreased by 3.6% due to a sharp decline in attracting foreign investments and government-guaranteed loans - by more than 30%. It should also be noted that such investments in the total volume of investments decreased from 11% in 2020 to 7.1% at the end of last year. At the same time, there is an increase by 36% in investments from the budget. Overall, at the end of 2021, the trend towards a decrease in the share of centralized investments in total investment in fixed assets from 19.9% ​​to 18.3% continued, and a corresponding increase in the share of non-centralized investments.

According to the results of the year, in all sectors of the economy, there is an increase in output. The volume of industrial production increased by 8.7% (in 2020 growth was 0.9%). The highest growth rates are observed in electricity supply, gas supply, steam supply and air conditioning (an increase of 13%). The mining sector is recovering from a serious downturn in 2020 with output up 10.7% and there was a decline by 22% in 2020. The manufacturing sector continues to show steady growth rates year by year and at the end of 2021, the increase in production accounted for 8.2% (in 2020, an increase of 7.9%). The industry drivers in 2021 were the production of textiles (19.1%), clothing (18.7%), finished metal products except for machinery and equipment (18.9%), beverages (17.7%), metallurgy (increase by 8.1%), production of chemical products (5.7%). At the same time, there has been a decline in the production of motor vehicles (by 5.7 %), electrical equipment (by 6.6 %), coke and refined petroleum products (by almost 30 %).

The services sector is growing dynamically. At the end of the year, the output of market services grew by 19.2% against the background of a modest increase of 3% in 2020. Growth has been observed in all areas of the service sector. The largest growth rates were observed in provision of financial services (by 28.4%), communication and informatization services (21.8%), real estate and property (24.2%), education (28.7%), healthcare (26%), renting and leasing (21%). The transport sector, after falling in 2020 due to lockdowns caused by the pandemic, is showing double-digit growth in 2021. According to the results of the year, the increase in the volume of transport services accounted for 16%, cargo turnover increased by 10%, passenger turnover - by 9.5%. Retail trade also grew at a dynamic rate of 12%.

In construction, there is a slight slowdown in output growth rate from 9.5% in 2020 to 6.8% in 2021.

In agriculture, despite difficult climatic conditions, in 2021 the growth rate of output increased to 4% (in 2020 - 2.9%). Crop and livestock production increased by 3.9%. The fish industry continues to grow at an accelerated pace, growing by 21.4% (in 2020 by 17.9%). At the end of the year, foreign trade has also returned to positive dynamics.

The volume of foreign trade turnover increased by 16% and reached $42.1 billion, surpassing the figures for 2019 ($41.8 billion). Exports rose by 10% to $16.6 billion and imports by 20% to $25.5 billion. The trade balance was in deficit in the amount of 8.9 billion US dollars. The increase in exports was mainly due to a significant increase in supplies abroad of textiles and clothing by 1.5 times (2.9 billion dollars), non-ferrous metals and products from them by 1.6 times (1.5 billion dollars), machinery and equipment by 1.6 times ($0.7 billion), chemical products by 1.4 times ($1.2 billion), services by 1.3 times ($2.5 billion).

Gold exports decreased by almost 30% compared to 2020, and its share in total exports decreased from 38.4% to 28.7%. In imports, there is a significant increase in the supply of food products by 35% (2.9 billion dollars), chemical products by 24% (4.3 billion dollars), ferrous metals and products from them by 35% (2 billion dollars), energy carriers and oil products by 39% ($1.5 billion), services by 42% ($1.7 billion). Thus, the year 2021 was fortunate for the economy of Uzbekistan.

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