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January 16, 2015

UzDaily

January 16, 2015 

Gross domestic product (GDP) of Uzbekistan grew by 8.1% in 2014, the President of Uzbekistan Islam Karimov stated at the session of the Cabinet of Ministers on 16 January 2015.

He said that the volume of industrial production increased by 8.3%, agriculture production - 6.9%, construction works - 10.9% and retail trade turnover - 14.3%.

The volume of investments into economy rose by 10.9% in the reporting period. Over 73% of investments were directed to construction of production capacities, Uzbek leader said. At the same time, over 40% of investments were used to purchase equipment.

Uzbek head said that gold and currency reserves of Uzbekistan increased by US$1.6 billion in 2014.

UzDaily

January 14, 2015 

Economy of Uzbekistan will grow by 7.4% in 2015, newly published report of the World Bank Global Economic Prospects (GEP) said.

Earlier, in June 2014, the experts of the World Bank forecasted that the growth of gross domestic product (GDP) of Uzbekistan will increase by 6.7% in 2015.

World Bank also improved its forecast on growth of GDP of Uzbekistan in 2016. Earlier, the World Bank forecasted that Uzbekistan's economy will post 6.7% growth in 2016, now the forecast is 8.2%. According to the report, GDP of Uzbekistan will grow by 8.1%.

In line with the estimates of the World Bank, the GDP of Uzbekistan grew by 7.9% in 2014. In June 2014, the bank forecasted that economy will increase 7% in 2014.

Current account balance in 2014 made up 1.7% to GDP (June forecast - 2.1% to GDP), the report of the World Bank said. The figure will make up 1.5% in 2015 (June forecast - 1.8%) and 1.7% in 2016, as well as 1.3% in 2017, the report noted.

Azernews

January 16, 2015 

Crude prices may fall by half to as low as $25 a barrel given violent movements in the market, according to the head of Russia's second-largest oil company.

"Yesterday prices swung 10 percent, that's never happened," OAO Lukoil Chief Executive Officer Vagit Alekperov said today in Moscow. "The price may go as low as $25."

Oil is down by more than 50 percent in the past six months, dragging the economy in Russia, which gets about half its budget income from oil and gas, to the brink of a recession. The nation faces a 3 percent shrinking in its economy and 2 trillion ruble ($31 billion) fiscal gap this year if oil prices trade at about $60 a barrel, Economy Minister Alexei Ulyukayev said this week.

Brent crude, a global benchmark, was below $50 today. The price oscillated by as much as 7.7 percent yesterday.

Lukoil won't change the production plans at its West Qurna-2 project in Iraq, Alekperov said. It plans to sign a deal next month for development of the Kandym gas field in Uzbekistan, he said. In late 2014, Lukoil Vice President Leonid Fedun said Chinese companies were interested in joining the project.

The International Energy Agency expects slower output by oil nations that aren't in the Organization of Petroleum Exporting Countries this year, leading to a price rebound. It cut the estimate of growth in non-OPEC supply by 350,000 barrels a day to 57.5 million, in its latest monthly market report. OPEC separately reduced its estimate of the amount of crude it needs to supply in 2015 by 100,000 barrels a day to 28.8 million.