In Uzbekistan in 2022, overall prices for food items increased - 15.6% and non-food items - 10.7%. Prices of services grew moderately, at 8.4%. Investments in fixed capital during the year decreased by 0.5%.
Inflation in Uzbekistan in 2022 accelerated from 10% to 12.3%. This is largely due to the global rise in prices, the rise in the cost of products in the countries that are the main suppliers to the Uzbek market. For example, in Russia, which accounts for about 20% of imports, inflation over the year increased from 8.4% in 2021 to 11.9% in 2022. In Kazakhstan (about 11% of imports), over the same period, inflation increased from 8 .4% to 20.3%.
2022 has become a period of serious trials for the economy of Uzbekistan. The post-pandemic recovery was under pressure from the global instability, difficulties in the economies of the countries that are the top trading partners, price shocks in global markets, disruption of transport and logistics chains, and general uncertainty of the situation.
According to experts from the Center for Economic Research and Reforms (CERR), still, the economy of Uzbekistan has demonstrated resistance to external challenges. According to the Statistics agency, the gross domestic product (GDP) of Uzbekistan increased by 5.7% in 2022, but the growth rate slowed down compared to 2021 (7.4%).
The situation in the main trading partner countries developed differently against the backdrop of an unfavorable external environment. In Kyrgyzstan, GDP in 2022 grew by 7%, while at the end of 2021 the growth was 3.6%. In Kazakhstan, there is a slowdown in growth rates from 4.3% in 2021 to 3.1% in 2022.
According to experts, China's GDP growth rate slowed down last year and will amount to about 3%. The economy of the Russian Federation at the end of the year, against the background of the conflict and sanctions, went into recession. Thus, according to the estimates of the Ministry of Economic Development of the Russian Federation, the Russian economy decreased by 2.1% in January-November compared to the same period in 2021.