STATISTICS AGENCY

National accounts statistics data for 2018-2022 by the Agency on Statistics under the President of the Republic of Uzbekistan with recalculation of the volume of financial intermediation services in accordance with the "System of National Accounts - 2008" (SNA-2008), are published in the "Official Statistics" section of the Agency's website at : https://stat.uz/uz/rasmiy-statistika/national-accounts-2.

31.01.2023

For reference: The System of National Accounts is an international methodology that reflects a system of interrelated statistical indicators compiled in the form of a specific set of accounts and tables reflecting the results of economic activity, and serves to study all aspects of the country's socio-economic life.

In accordance with paragraphs 32 and 33 of the "Roadmap on the implementation of the National Strategy for Development of Statistics of the Republic of Uzbekistan in 2020-2025”, approved by the Resolution of the President of the Republic of Uzbekistan PP-4796 dated on August 3, 2020, the Agency on Statistics (State committee on statistics) is entrusted with the task of implementing the 2008 SNA and improving the practice of assessing the structural components of gross domestic product (GDP).

In 2017-2022, the Agency on Statistics aligned the methodology for a number of national accounts indicators with the requirements of the 2008 SNA and made calculations based on them.

The final stage of these processes is the introduction of an improved methodology for calculating the volume of financial intermediation services indirectly measured (FISIM). The calculation of the FISIM according to the 2008 SNA was carried out for 2018-2022 in accordance with the recommendations of the experts of the International Monetary Fund and the Asian Development Bank on the basis of the “Guidelines for assessing the output of financial intermediation services indirectly measured” developed by the Agency on Statistics.

For reference: Financial intermediation is a type of production activity during which financial intermediaries convert financial liabilities into financial assets, assuming costs and certain risks. Financial intermediaries include commercial banks, leasing companies, investment funds, microcredit organizations, pawnshops and other financial institutions.

Under the 1993 SNA methodology, the volume of financial intermediation services was calculated as the difference between the interest received by financial intermediaries and paid by them, and reflected as intermediate consumption of the notional industry, adding to other services.

According to the 2008 SNA methodology, the volume of financial intermediation services is calculated by institutional sectors by multiplying the difference between interest rates on loans (deposits) and the base rate (the average interest rate on loans and deposits) by the average balance of loans (deposits) in the reporting period.

According to this methodology, the volume of financial intermediation services is divided into intermediate consumption of economic activity and final consumption of households.

As a result of the introduction of an improved methodology for the volume of financial intermediation services, the volume of nominal GDP for 2021 increased from 734.9 trillion soums to 738.4 trillion soums (by 0.5%) (Table 1), while the real GDP growth rate did not change (it remained at the level of 7.4%) (Table 2).

Table 1

Impact of a change in FISIM estimate on GDP of the Republic of Uzbekistan

Table 2

Impact of a change in FISIM estimate on GDP of the Republic of Uzbekistan