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IMF increases forecast for Uzbekistan’s GDP growth in 2014

30 April 2014

International Monetary Fund (IMF) increased its forecast for Uzbek economic growth in 2014 to 7 percent compared to 6.5 percent projected in October 2013, according to the IMF report.

Uzbekistan's GDP growth will hit 6.5 percent in 2015.

The inflation will hit 11 percent in Uzbekistan in the current year (October forecast - 10.4 percent). The inflation will remain at the same level - 11 percent in 2015, according to the IMF updated forecast.

Current account surplus will hit 2.2 percent of Uzbek GDP in 2014, while 1.9 percent in 2015.  The inflation amounted to 11.2 percent, the current account surplus - 1.7 percent in Uzbekistan in 2013.

The country's GDP increased by 8 percent, while the inflation rate - 6.8 percent in 2013 compared to 2012, according to Uzbekistan's official statistics.

The Uzbek government plans to ensure GDP growth by 8.1 percent, industrial production - by 8.3 percent, agriculture - 6 percent, as well as to increase the volume of capital investments by 9.5 percent in 2014. The inflation is planned to be kept within 6 to 7 percent.

The official exchange rate is 2280.28 soums/$1 on April 30.