Uzbek government projects annual GDP growth at 7.8% in 2016

By bne IntelliNews November 2, 2015

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.

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