Tashkent, Uzbekistan (UzDaily.com) -- Following the results of 9 months of 2022, the economy of Uzbekistan continues to demonstrate stability and strong growth against the backdrop of unstable global conditions, global market price shocks and uncertainty. According to the State Statistics Committee of the Republic of Uzbekistan, the gross domestic product (GDP) of Uzbekistan increased by 5.8% in January-September.

In the countries of the main trading partners during this period, the economic situation developed in different ways. Thus, in Kyrgyzstan, GDP grew by 7.4%, while in January-September 2021 there was a slight decline of 0.2%. In Kazakhstan, the growth rate slowed down from 3.6% in January-September 2021 to 2.8% over the same period in 2022. In Russia, over 8 months of this year, according to the estimates of the Ministry of Economic Development, GDP decreased by 1.5%.

Inflation in Uzbekistan accelerated to 8.1% over 9 months against the background of external shocks against 5.9% in January-September 2021. Mainly, prices for food products increased by 10% (for 9 months of 2021 - 6.7% ) and non-food products - 7.9% (4.9%). Meanwhile, price growth for paid services slowed down from 6.1% in 9M 2021 to 4.8% in the same period in 2022.

The dynamics of investment in fixed assets remain positive, but moderate in comparison with the pre-pandemic level. For 9 months, the growth of investments amounted to 5% against 3.9% for the same period of last year. The positive inflow was mainly due to the growth of non-centralized investments by 13.2%. In particular, the volume of investments by enterprises of their own funds increased by 31%, the volume of investments through loans from commercial banks and other borrowed funds increased by 30%. Double-digit dynamics is observed in the investment of funds of the population by 12.6%.

Meanwhile, the trend towards the reduction of centralized investments continues, the volume of which, in comparison with last year, decreased by 28%. The introduced regulatory restrictions on attracting external loans under state guarantees led to their reduction by more than 50% compared to the same period of last year. Budget investments also decreased by 4.3%. In general, in the total volume of investments in fixed assets, the share of centralized investments decreased from 20% in January-September 2021 to 13.7% in the first 9 months of 2022.

According to the results of three quarters, production growth is observed in all sectors of the economy.

Industrial production increased by 5.3% (in January-September 2021 - 9%). The largest increase is observed in the sector of electricity, gas supply, steam and air conditioning by 15%. The volume of production in the manufacturing industry increased by 5.4%. In particular, high growth rates are noted in the production of transport - by 18%. Growth in light and food industries amounted to 6.4%, metallurgy grew by 3.9%. The extractive sector showed a slight increase in production by 1.1%.

The service sector for 9 months of 2022 grew by 15.4% (for January-September 2021 - 19.5%). Moreover, growth is observed in all areas. High output growth rates are noted in the financial services sector by 30%, information and communications - 24%, accommodation and catering - 15%. In the transport sector, the volume of services rendered increased by 12%, cargo turnover - by 2.1%, passenger turnover - by 7.2%. The growth dynamics of retail trade accelerated from 9.8% in January-September 2021 to 10.8% in the first 9 months of this year.

In the construction sector, there is an acceleration of growth to 6.3% against 4.9% in the same period of last year.

In agriculture, the growth rate slowed down somewhat to 3.6% (in January-September 2021, output increased by 4.1%). The output of the fishery industry accelerated significantly from 7.3% in the 3rd quarter of 2021 to 20.6% in the 9 months of this year. A slight acceleration in growth rates is also noted in forestry from 2% to 2.3%.

The foreign trade activity of the country in the current year continues to demonstrate high growth rates. For 9 months, foreign trade turnover increased by 27% compared to a modest 3% in the same period of last year. The volume of exports increased by 35.7% to US$14.1 billion (in January-September 2021, there was a decrease of 17%). Imports increased by 22% to US$22 billion.

The sharp increase in exports is due to the supply of energy and petroleum products abroad by 1.5 times, machinery and equipment by 36%, ferrous metallurgy products by 33%, chemical products by 32%, food products by 23%, textiles by 13%. In addition, the export of services increased by 1.5 times. It should also be noted here that deliveries of domestic products to 32 new markets have been established this year.

In imports, the main increase is accounted for by an increase in the supply of machinery and equipment by 18%, food products by 36%, non-ferrous metals and products from them by 33%, ferrous metals and products from them by 27%, chemical products by 21%. Imports of services increased by 55%.

In general, according to the results of 9 months of 2022, the economy of Uzbekistan continues to maintain positive dynamics despite the strengthening of external challenges. Increased price volatility in global commodity markets, disruption of logistics supply chains are reflected in the acceleration of inflation in the country.

At the same time, there is a positive dynamic of entrepreneurial and investment activity. Despite the difficulties in the external economic environment, the volume of deliveries of domestic products abroad is growing. In addition, the geography of exports is diversifying. Positive trends in the economy and its resilience to challenges are expected to ensure GDP growth rates at the level of 5.8% for the year.