AKIPRESS.COM - Export revenues crimped by low oil and gas prices have constrained growth in the subregion’s energy exporters: Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan. Weak remittances have limited consumption in the Kyrgyz Republic, Tajikistan, Uzbekistan, according to the ADB's Asia Development Outlook 2015 Update.

According to government sources, the economy grew by 8.1% in the first half of 2015, the same rate as in the first 6 months of 2014. On the supply side, growth was driven by gains of 8.1% for industry and 13.1% for services. Higher production of construction materials and double-digit growth in light industry boosted total industrial output, while buoyant commercial bank lending and strong demand for information technology spurred growth in services. Agriculture grew by 6.5%, slightly below the 6.9% recorded in 2014, despite unfavorable weather.

On the demand side, investment was the main source of growth in the first half, with gross fixed capital formation estimated to have risen by 9.8% over the same period of 2014, as the government continued its development programs.

Based on first quarter data, the contribution of net exports to growth is estimated to have declined as external demand remains weak and economic difficulties affect major trading partners.