In recent years, as part of the next stage of reforms being implemented in our country, systematic work has been carried out to develop the system of national statistics in our country. In particular, as an important area of reform, special attention is paid to ensuring the transparency of statistics in Uzbekistan, as well as expanding cooperation with international organizations in the production of statistics and data exchange.
For the first time, the Statistics Agency officially took part in such an important international statistical event, in the next round of the “International Comparison Program - 2021”, which is conducted by the World Bank.
The International Comparison Program is an international statistical program involving statistical agencies from almost every country in the world that makes international and cross-country comparisons of currencies purchasing power parity, GDP and its components.
Currency purchasing power parity is a key indicator used in official international comparisons. Parity is a kind of conversion factors that eliminate differences in price levels between countries in the process of their recalculation, i.e. PPP is both a deflator and a tool for converting monetary units into comparable currencies.
Purchasing power parity is used by all leading international organizations - the UN, IMF, European Union and others in the process of making the most important official decisions. Based on this, by decision of the UN, the necessary data is collected and calculations are carried out for all countries of the world within the framework of a unified methodological and organizational system, called the Global Rounds of the International Comparison Program.
The calculation of purchasing power parity of currencies and macroeconomic indicators within the framework of participation in the International Comparison Program is a complex process in both theoretical and practical aspects. It includes the prices of goods and services, as well as their production, which requires the collection and processing of large amounts of data. Typically, it takes three years to complete the work envisaged by the Program, and this is called the “comparison cycle”.
Therefore, the results of the 2021 global round of the program were published on the official website of the World Bank on May 31, 2024. This website, along with methodological information on the ICP 2021 round, contains analytical information on the results of the Program in the form of tables and graphs.
As a result of our country's official participation in the Program, all calculations are made on the basis of statistical observations conducted by the Statistics Agency.
Based on the results of the purchasing power parity program in 2021:
- the volume of gross domestic product amounted to 285 billion US dollars;
- the volume of gross domestic product per capita amounted to 8,162 US dollars.
As a result of assessing macroeconomic indicators in accordance with the international purchasing power parity methodology:
- ensures comparability of the country's economy at the international level
- the world community’s trust and attention to the republic’s statistical system and economic stability will increase;
- the quality of statistical indicators will improve.
Currently, the Statistics Agency, in order to ensure worthy participation of the Republic of Uzbekistan in the 2024 round of the International Comparison Program, conducts statistical observations of prices for all goods and services in trade and service objects selected in the Tashkent city.