Uzbekistan Economic Forecast

Uzbekistan Economic Outlook

October 30, 2018

The economy grew 5.2% annually in the January–September period, driven by a strong services sector and solid industrial output. Industrial activity was propped up by soaring mining and quarrying production, largely thanks to a booming natural gas sector. In addition, construction activity expanded robustly in the same period, supported by buoyant demand for real estate amid easing inflationary pressures. On 19 October, authorities began preparatory work on the country’s first nuclear plant, estimated to cost USD 11 billion and largely financed by Russia, in a bid to further strengthen Uzbekistan’s energy sector. The government has also signed multibillion-dollar economic and investment deals with Russia and the U.S. as the country continues its pro-liberal economic policy push.

Uzbekistan Economic Growth

In 2019, growth should remain solid on the back of sustained government spending, healthy capital investment and a growing inflow of remittances from Russia. Met the why particular panelists expect the economy to expand 5.1% in 2019, down 0.4 percentage points from last month’s forecast, and 5.5% in 2020.

Uzbekistan Economy Data

20132014201520162017
Population (million)30.230.831.331.832.1
GDP per capita (USD)1,9202,0632,1302,1161,514
GDP per capita (EUR)1,4771,5071,9201,9041,322
GDP (USD bn)58.163.566.767.148.6
GDP (EUR bn)44.746.360.160.642.5
Economic Growth (GDP, annual variation in %)8.08.07.97.85.3
Consumption (annual variation in %)9.711.911.67.0-  
Investment (annual variation in %)5.27.40.816.47.1
Fiscal Balance (% of GDP)0.30.20.10.10.1
Public Debt (% of GDP)7.58.89.711.2-  
Inflation Rate (CPI, annual variation in %)11.79.18.58.012.5
Policy Interest Rate (%)12.0011.009.009.0014.00
Exchange Rate (vs USD)2,2022,4222,8113,2188,120
Exchange Rate (vs USD, aop)2,0922,3082,5702,9655,123
Exchange Rate (vs EUR)3,0342,9313,0523,3949,751
Exchange Rate (vs EUR, aop)2,7803,0642,8523,2795,869
Current Account (% of GDP)2.81.7-0.51.42.9
Current Account Balance (USD bn)1.61.1-0.40.91.4
Trade Balance (USD billion)-5.4-6.9-4.3-2.4-  
Exports (USD billion)7.96.96.57.7-  
Imports (USD billion)13.313.811.811.1-  
Exports (annual variation in %)35.1-13.1-4.818.5-  
Imports (annual variation in %)16.73.8-21.5-6.6-  
External Debt (% of GDP)18.421.022.324.3-  

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Uzbekistan Facts

ValueChangeDate
Exchange Rate8,2710.0 %Nov 15

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