Uzbekistan Economic Outlook
May 10, 2022GDP rose at a softer average pace compared to the previous quarter in Q1, amid a broad-based slowdown. Activity in the mining sector ground to a near-halt in Q1, leading the overall downturn, with the agriculture, construction, manufacturing and retail trade sectors also posting weaker growth. More positively, merchandise exports boomed in the quarter, seemingly thanks to higher prices for the country’s top export commodities, including copper, cotton, gold and fuels. Moving to the second quarter, the war in Ukraine is likely increasingly constraining economic activity. With the Russian economy devasted by international sanctions, Uzbekistan is set to bear the brunt of reduced trade flows and shrinking remittances from its key economic partner. Soaring prices and supply chain disruptions also bode ill for domestic demand.
Uzbekistan Economic GrowthGDP growth is expected to slow this year, amid a fading base effect and the fallout from the war in Ukraine—Uzbekistan has strong economic ties to Russia with remittances a major source of private spending. Nevertheless, business-friendly reforms should encourage investment while higher global commodity prices bode well for the external sector, thus keeping growth fairly sturdy. FocusEconomics panelists project GDP to grow 4.1% in 2022, which is down 0.8 percentage points from the previous month’s forecast. For 2023, the economy is seen growing 5.3%.
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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