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Home / Business / GDP growth rate is expected to reach 7.8% in 2016

GDP growth rate is expected to reach 7.8% in 2016

Uzbekistan's GDP growth rate is expected to reach 7.8 %, said President Islam Karimov on Friday at a meeting of the government, regarding the main priorities of socio-economic development of the country for 2016.

"We set a target to reach 7.8 %  GDP growth rate this year,"  said Karimov.

At the same time, 8.2% growth rate is expected in the production industry, 6.1% in agriculture, 14% in retail and 17.4 % in services.

The goal is to maintain inflation within 5.5-6.5 % , ensure the growth of real incomes by 9.5 % , the growth of average wages, pensions, scholarships and grants, taking tax benefits into account - by 15%.

A crucial role in the implementation of these targets belongs to the investment program for 2016, as an essential instrument of structural transformation of industry and economy as a whole.

According to the document, this year provides for implementation of 164 large investment projects worth more than $ 5 billion.

Among the projects is the completion of the high-speed train "Afrosiyob" to Bukhara, two steam and gas turbines of 450 MW each at Talimarjan power unit, the Angren thermal power station of 150MW, the construction of the three blocks with a capacity of 6 billion cubic meters of gas at the Mubarek Gas Processing Plant, new  furnace with a capicity for 70 thousand tons of copper at the Almalyk MMC, expantion of capacity of the cement plant in Jizzakh region up to 1 mln. tons of portland cement, the development of production of new models of cars, "Aveo" (T-250) at JSC «GM Uzbekistan".

In general, investments in the amount of $ 17.3 billion with a growth rate  of 109.3 % will be directed towards development, modernization and structural adjustment in 2016. Foreign investment constitutes $ 4 billion, an increase compared to 20.8 % in 2015.

An important task is to continue the implementation of major provisions of the programme for development and modernization of engineering, communications, and road infrastructure in the 2015-2019 .

 

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