The government of Uzbekistan expects the country’s annual GDP growth to stand at 7.8% in 2016, down from 8.1% reported in 2014, the Uzbek parliament, Oliy Majilis, said in a statement.
The government’s economic policy is currently trying to reform and modernise the economy, maintain balanced macroeconomic indicators, reduce the share of state participation in the economy, increase the role of the indigenous private property, provide protection for private businesses, achieve high rates of economic growth and further improve the welfare and living standards, the statement notes.
The Uzbek government doesn't publish absolute figures illustrating the methodology of how it compiles growth figures. This feeds doubts over the real state of the country's economy. Among international observers, the ADB forecasts economic growth at 7% in 2015 and 7.2% in 2016, according to estimates published in the 2015 Asian Development Outlook report. The IMF predicts the country’s GDP to grow by 6.8% in 2015 and 7% in 2016, according to IMF’s latest World Economic Outlook update.
The authorities also project industrial production to grow by 8.2%, agriculture production by 6.1% capital investments by 9.6%, according to the parliament’s statement.
Uzbekistan's GDP grew by 8% in the first nine months of 2015, a government meeting heard on October 19.
Related Articles
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more