Uzbekistan Macroeconomic Indicators

Grand national Product (GDP).
Economic growth factors in the first half of 2008, the high economic growth rates were retained, which ensured a GDP growth of 9.3% compared with the corresponding period of the previous year. Factors which contributed to the economic growth were: Accelerated growth in the services sector the growth in the services sector accounted for 19%. Fast development of the services sector was ensured, to a large extent by direct financial support from the Employment Promotion Fund and the Microcreditbank, as well as the tax benefits provided under the Program for Development of Services Sector. The share of the services sector in the GDP amounted to 44.7% vs. 42.8% in the corresponding period of the previous year. Furthermore, modern services that are based on the use of information technology, the provision of financial services as well as consumer services are developing at faster rates. Such traditional services as transport, communication and trade are also developing rapidly (113.4% and 120.3% respectively). Swift growth in industry the growth in industry stood at 12.2%. Outstanding results were achieved in mechanical engineering, fuel, forestry, woodworking, food and light industries. Factors behind the stable and dynamic growth in industry are: modernization of production and a switch to the use of power-saving technologies, first of all in backbone sectors of industry; expansion of intersectoral cooperation relations with both large and small enterprises, which facilitated an increase in the utilization of production capacity.
Swift growth in exports Favorable world prices and the realization of an active foreign trade policy have resulted in an upsurge in exports by 48.4%.This has ensured a considerable strengthening of sustainability in the country's balance of payments. The fast growth rate in exports was ensured mainly by exports of energy sources and oil products (1.6 times), machinery and equipment (116.2%), chemical products (148%), and services (125.8%).
GDP share in production. In production structure of GDP the trend of a sustainable growth continued in the share of transport and communication (from 11.3% to 12.3%), trade (from 10.8% to 11.2%), and net taxes (from 12.6% to 12.8%o). At the same time, the share of industry and agriculture declined (from 25.9% to 24.4% and from 11.8% to 10.8% respectively).
GDP consumption. In the structure of GDP consumed the share of private consumption has reduced from 50.5% to 49.1%. This resulted from an increase in the share of gross capital formation from 30.6% to 32.6% and in net taxes from 17.3% to 20.6 %.

Production Composition of GDP (%of GDP):

		Including %
Period	Total		Industry	Agriculture	Construction	Other sectors	Net taxes
2005	100		21.1	26.3	4.8	37.2	10.6
2006	100		21.8	25.1	5.1	37.9	10.1
2007	100		24	21.7	5.5	39.3	9.5
1half 2007	100		25.9	11.8	6.7	43.0	12.6
1half 2008	100		24.4	10.8	6.8	45.2	12.8

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