Uzbekistan Economic Outlook
June 7, 2022GDP growth lost momentum in Q1. Mining led the slowdown, with growth in the agriculture, construction, manufacturing and retail sectors also slowing. On the other hand, export revenue was boosted by higher prices for such key commodities as gold, cotton and natural gas. Moreover, at 5.8%, the rate of GDP expansion was likely well above the CIS regional average. Q2 data on industrial output and the retail, services and construction sectors suggest ongoing robust domestic momentum. However, sanctions on Russia and Covid-19 lockdowns in China are likely dampening the external sector, given Uzbekistan’s close trade links with both countries. In politics, China recently pledged USD 37 million of financial assistance to Uzbekistan in a sign of warming ties between the countries.
Uzbekistan Economic GrowthGDP growth is expected to slow this year due to the war in Ukraine—remittances from Russia are a major source of private spending—and Covid-19 restrictions in China. On the other hand, business-friendly reforms should encourage investment, while elevated commodity prices will remain a significant tailwind. FocusEconomics panelists project GDP to grow 3.9% in 2022, which is down 0.2 percentage points from the previous month’s forecast. For 2023, the economy is seen growing 5.2%.
Uzbekistan Economy Data
5 years of Uzbekistan economic forecasts for more than 30 economic indicators.
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|Exchange Rate||9,516||0.0 %||Dec 31|
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