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08 November 2019

EBRD raises forecast for GDP growth in Uzbekistan

According to the results of current year, the gross domestic product of Uzbekistan will grow by 5.5%, and by 5.8% in 2020, the European Bank for Reconstruction and Development predicts. This was stated in the new report of the EBRD “Regional Economic Prospects”. Forecasts are increased in comparison with the previous May report of the bank by 0.5 and 0.6 percentage points, respectively.

According to experts of the bank, the growth of Uzbekistan’s economy will be provided primarily through the development of industry and the construction sector.

The report notes that the country has seen a significant – by 45% – increase in export operations in dollar terms for the first eight months of the year, as well as a 33% increase in imports, which reflects trade liberalization and regional integration.

In addition, a 60 percent growth in lending volumes over three quarters was recorded compared to the same period last year, which indicates growing investments in infrastructure and business activity.

Inflation in the first three quarters of the year slowed to 14.1% compared to 18.2% in the same period last year.

The average growth rate for all countries in which the EBRD invests will slow down to 2.4% in 2019 (3.4% in 2018). In 2020, it should rise to 2.9%, which is slightly lower than the May forecast (3%) and much lower than the actual growth rate in 2017, which amounted to 3.8%.