Uzbekistan Economic Outlook
July 7, 2020Covid-19 will have further weighed on the economy in the second quarter after GDP growth slowed to 4.1% in the first quarter as the effects of the pandemic began to bite (2019: +5.6% year-on-year). Data on retail turnover shows private consumption likely deteriorated markedly in Q2 amid social distancing measures. Moreover, industrial production was likely downbeat, as suggested by April and May readings. While May’s data shows signs of recovery from April, as the government began lifting lockdown measures in May, the government was forced to impose new restrictions at end-June on a steady rise in Covid-19 infections. A second outbreak and subsequent reestablishment of further restrictions pose downside risks to economic activity in Q3.
Uzbekistan Economic GrowthThe Covid-19 pandemic and related measures will dent growth this year. Internally, demand will likely be muted amid social-distancing measures and weaker remittance inflows. On the external front, feeble external demand and rising uncertainty will keep exports subdued. Looking forward, risks emerge from the consequences of a possible second outbreak. FocusEconomics panelists forecast GDP to grow 0.8% in 2020, which is down 0.9 percentage points from last month’s projection, and 5.7% in 2021.
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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