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Uzbekistan's GDP sharply reduced growth rates - from 4.1% to 0.2%

In January-March, GDP grew by 4.1% and in the first half of the year by only 0.2%. GDP per capita also declined

Uzbekistan's GDP in the first half of the year, according to preliminary estimates of the State Statistics Committee, amounted to 255.252 trillion soums ($26.072 million) in current prices. Growth compared to the same period in 2019 is 0.2%. In 2019, growth over the same period was 6%, in 2018 - 5.9%. GDP growth slowed down in the first quarter of this year - in January-March it was recorded at 4.1%.

More than half of the added value (51.3%) created in the economy was generated by small businesses.

GDP per capita was around 7.5 million soums. Compared to January-June 2019, the indicator decreased by 1.8% in real terms. The growth rates of GDP per capita in January-June 2018 and 2019 were 4.2% and 4.1%, respectively.

The Central Bank has adjusted the forecast for Uzbekistan's GDP for 2020 to 1.5-2%. In May, the Central Bank expected GDP growth rates to be 1.5–2.5%. In 2019, this figure was 5.6%.

The Asian Development Bank predicts that Uzbekistan's GDP will grow by 1.5%. Uzbekistan and Turkmenistan are the only countries in the region of Central Asia and the Caucasus that ADB analysts predict growth, the rest of the economies will face a recession.

The World Bank expects Uzbekistan's GDP to grow by 1.5% this year and 6.6% next year. The EBRD also forecasts 1.5% this year and 6.5% next year. The IMF, which had predicted 1.8% growth in April, downgraded its forecast to 1.5% in May.

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