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ADB keeps Uzbekistan's GDP growth forecast

30 September 2016

The Asian Development Bank (ADB) has kept the forecast for Uzbekistan’s GDP growth at 6.9 percent in 2016, ADB's 'Asian Development Outlook 2016' report said.

The previous forecast for Uzbekistan’s GDP growth was presented by ADB in July.

According to the report, the forecast for Uzbekistan’s GDP growth is kept at 7.3 percent in 2017.

The rate of inflation remained unchanged at 10 percent and 11 percent in 2016 and 2017, respectively.

According to the bank’s experts, the Uzbek economy will still depend on the development of the situation on the markets of its major trading partners in 2016-2017, in particular Russia, China and Kazakhstan.

According to the report, the growth of production in the Uzbek agrarian sector increased by 6.8 percent in January-June 2016 compared to 6.5 percent in 2015.

ADB experts said that Russia and Uzbekistan agreed to expand bilateral trade in agricultural products in April.

The bank’s experts said that investments in industry, as well as the stimulation of domestic demand through the growth of salaries, pensions and other benefits will be the main sources of Uzbekistan’s economic growth in the coming years.

GDP growth amounted to eight percent in Uzbekistan as of 2015. The Uzbek government intends to ensure GDP growth at 7.8 percent in 2016.

Uzbekistan became an ADB member in 1995 and today, it is the largest recipient of loans from this financial institution in Central Asia.

The Asian Development Bank has allocated over $5 billion to Uzbekistan since 1995 for implementation of the projects in the spheres of education, agriculture, modernization of the transport infrastructure and energy sector.