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NEWS

ADB keeps forecast of Uzbekistan’s economic growth in 2013 at level of 7.5 per cent

en.trend.az/
2 October 2013

Asian Development Bank (ADP) kept the forecast of Uzbekistan's GDP growth in 2013 at the level of 7.5 per cent, the updated report of Asian Development Outlook-2013, issued by the bank on Wednesday said.

The ADB reduced its forecast for Uzbekistan's economic growth in 2013 from 7.9 per cent that was forecasted in October 2012 to 7.5 per cent in April of his year.

According to the report, the ADB also kept the forecast for Uzbekistan's economic growth for 2014 at the level of 8 per cent. The country's economic growth in 2012 amounted to 8.2 per cent and in the first six months of 2013, to 8 per cent.

"The growth was achieved mainly through increasing the industrial production by 8.2 per cent and the volume of rendered services by 11 per cent, as well as the investments in the energy sector," the bank's experts stressed.

The ADB also kept the forecast for the inflation growth which according to the bank's calculations will amount to 9.5 per cent in 2013 and 9 per cent in 2014. The balance of account of the current transactions remains at the level of 4.3 per cent of GDP in 2013 and 3.2 per cent in 2014.

According to official statistics, Uzbekistan's GDP increased by 8.2 per cent in 2012 compared to the figures of 2011, and the inflation amounted to seven per cent compared to 7.6 per cent in 2011.

The country's foreign trade turnover in 2012 increased by 0.9 per cent compared to 2011, and amounted to $26.287 billion, at the same time export decreased by 5.1 per cent and amounted to $14,259 billion, and import increased by nine per cent and amounted to $12,028 billion. Uzbekistan's trade surplus decreased by half - from $4.517 to $ 2.231.

In 2013, the government plans to ensure GDP growth at the level of eight per cent, industrial production - 8.4 per cent, agricultural production - six per cent, increase in the volume of capital investments - 9.3 percent. Inflation is planned to be kept within the seven - nine per cent.

Uzbekistan has been an ADB member since 1995 and today is the largest recipient of loans of from this financial institution in Central Asia. The total amount of loans given by the bank for the implementation of totally $13.5 billion worth of 50 investment projects, amounts to nearly $5 billion for today.