Uzbekistan Economic Outlook
September 7, 2021An advanced estimate showed GDP growth accelerated to the highest level since Q3 2016 in Q2, after Q1’s private consumption-driven expansion. The upturn was predominately driven by stronger industrial production and retail trade output. Turning to Q3, the economy is facing headwinds: The gradual reimposition of restrictions since late June has weighed on travel and the hospitality sector, while ongoing dry conditions will be stunting the all-important agricultural sector. Externally, merchandise exports contracted in July amid lower gold shipments, as a decline in prices led the Central Bank to halt the sale of the yellow metal at the start of Q3. However, industrial production growth gained momentum in July, while robust transportation and financial services activity in the same month should have propped up the tertiary sector, despite ongoing Covid-19-related restrictions.
Uzbekistan Economic GrowthEconomic growth should remain upbeat in H2 this year on the back of robust expansions in mining, manufacturing and services activity. However, the halting of gold sales abroad amid lower prices could weigh on the external sector. Delays in the vaccine rollout and regional instability pose downside risks, while the government’s ambitious reform agenda is an upside risk. FocusEconomics panelists project GDP to grow 5.3% in 2021, which is unchanged from the previous month’s forecast. For 2022, the economy is seen growing 5.8%.
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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