NEWS AND EVENTS
July 24, 2014
GDP Demonstrates Growth
In Tashkent, the Cabinet of Ministers of the Republic of Uzbekistan convened for a session to summarize the outcomes of the socio-economic development of the nation for the first half of the current year and work out additional measures to ensure the further implementation of the economic program for 2014.
The session participants comprehensively deliberated on and thoroughly analyzed the major macroeconomic indicators of the country’s development along with the effectiveness of measures taken to implement the strategy of modernization, diversification and amplification of the competitiveness of the economy.
Owing to the consistent and goal-oriented realization of the most vital dimensions and priorities of the program of socio-economic development of the country, mobilization of the available sources of growth, notwithstanding the increasing risks and controversies in the evolution of the global economy, Uzbekistan has been securing the macroeconomic stability and sustained high growth rates in its economy. As the figures of the first half of the current year indicate, the GDP has grown by 8.1%, the industrial production has increased by 8.1%, and the construction works by 17.4%. The National Budget has been executed with a surplus of 0.1% of the GDP.
Keeping with the measures to stimulate the domestic demand and to cardinally bolster the production of consumer goods and fastest development of the services sector have helped to ensure growth in the production of consumer products by 10.8%, of retail turnover by 13.7% and paid services by 9.7%. The share of the services sector in the gross domestic product has increased to reach 52.7%, in contrast to 52.4% in the first half of the year 2013.
(Source: “Uzbekistan Today” newspaper)