Uzbekistan Economic Outlook
November 2, 2021GDP grew 7.4% in Q3, slightly down from Q2’s 8.8% expansion. Important subsectors such as manufacturing, and transportation and storage—which together account for over 20% of GDP—lost significant steam. However, agricultural production, and mining and construction output grew at faster paces, preventing a more pronounced slowdown. In addition, growth in services subsectors such as wholesale and retail trade also accelerated in the period. Moving onto Q4, falling numbers of new Covid-19 cases should provide a supportive framework for continued economic growth. In other news, presidential elections held on 24 October saw incumbent Mirziyovev re-elected with 80% of the votes. Meanwhile, Fitch Ratings recently affirmed the country’s credit rating at ‘BB-’ with a stable outlook, citing strong economic growth but noting institutional weaknesses.
Uzbekistan Economic GrowthAfter gaining pace in 2021, economic growth should remain upbeat in 2022. Reforms to foster a friendlier business environment are set to boost capital spending, with privatization policies opening the local market to international investment. Meanwhile, private consumption should continue to gain ground as restrictions ease, although the slow vaccine rollout poses a risk. FocusEconomics panelists project GDP to grow 5.8% in 2022, which is down 0.1 percentage points from the previous month’s forecast. For 2023, the economy is seen growing 5.5%.
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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