Azernews.Az

By Nigar Abbasova

The gross domestic product of Uzbekistan jumped by 7.8 percent in January-June 2016 compared to the same period in 2015, Uzbek PM Shavkat Mirziyoyev said while addressing the meeting of the Cabinet of Ministers.

The volume of industrial production increased by 6.7 percent during the reported period. The increase in the volume of agricultural products amounted to 6.8 percent while the increase in sphere of services and construction totaled 12.9 and 17.5 percents, respectively. The volume of foreign investments into the country increased by 17.2 percent.

GDP of Uzbekistan grew by 8 percent and totaled an all time high figure of $66.73 billion in 2015. A record-low figure of $ 9.69 billion was recorded in 2002, according to the World Bank Group.

The World Bank (WB) has recently lowered the forecast for Uzbekistan's GDP growth from 7.5 percent to 7.3 percent in 2016.

The country is planning to increase the volume of industrial and agricultural production by 8.3 and 6 percent respectively in 2016. Inflation rate is expected to be preserved at 5.5-6.5 percent.

Natural resources dominate in the export of the Central Asian country. Uzbekistan is a producer of oil, natural gas, and gold as well as the second largest exporter of cotton.

Uzbekistan’s main export partners are Russia, Turkey, China, and Kazakhstan while main import partners are Russia, South Korea, China, Germany and Kazakhstan.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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