Uzbekistan Economic Outlook
May 12, 2020Annual growth slowed to 4.1% in Januaryâ€“March, from 5.6% in 2019, as the Covid-19 pandemic weighed on the economy at the end of March. Industrial production lost pace as a result of falling hydrocarbon output, while exports collapsed on a slump in Chinese demand. In addition, tight lockdown restrictions enacted by the government in late March took a toll on retail sales growth for Januaryâ€“March, while also leading to a significant decline in the number of new small businesses created compared to a year ago. The brunt of the health crisis is likely to hit the economy in April, however, as prolonged social distancing hammers activity. Meanwhile, on 29 April, the government lifted some travel restrictions for companies working in the agricultural sector to avoid further financial losses.
Uzbekistan Economic GrowthThe economy is set to lose significant traction this year as the health crisis takes its toll. Private consumption growth will likely slow amid falling remittance inflows, while depressed risk appetite will restrain fixed investment through lower FDI. Moreover, weak demand from China and Russia should weigh on exports. FocusEconomics panelists forecast GDP to grow 2.7% in 2020, which is down 1.0 percentage points from last monthâ€™s projection, and 6.1% 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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