In the first quarter of 2022, the economy of Uzbekistan was under increased pressure from the external environment: instability in the main trading partner countries, increased volatility in the world market of goods, and disruption of logistics chains. Meanwhile, the economy of Uzbekistan in the first three months demonstrated not only resistance to large-scale external challenges, but also positive growth dynamics.
According to the State Statistics Committee of the Republic of Uzbekistan, the gross domestic product (GDP) of Uzbekistan increased by 5.8% in January-March against an increase of 2.6% in the first quarter of 2021.
The economic situation in the main trading partner countries remained generally stable in the first months of this year. In Kyrgyzstan, the economy grew by 4.5% in January-March, against a decline of 9% over the same period in 2021. In Kazakhstan, despite the shocks of January, economic growth of 4.4% is noted, whereas in the first three months of last year there was a decline of 1.4%. China’s GDP grew by 4.8% over the period under review, accelerating by 1.3% by the 4th quarter of 2021.
It is still difficult to judge the Russian economy since there are no official statistics for three months. Meanwhile, VEB.RF estimated Russia’s GDP growth for January-February at 3.6%. At the same time, it is expected that the events of March will have a serious impact on the economic indicators of the first quarter and the year as a whole. The economic turmoil of March related to the Russian-Ukrainian conflict is likely to begin to affect the economic performance of Central Asian countries in the coming months.
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