ADB: Uzbekistan’s GDP to grow by 7.5% in 2013
09/04/2013 14:12
ADB: Uzbekistan’s GDP to grow by 7.5% in 2013
09/04/2013 14:12
Tashkent, Uzbekistan (UzDaily.com) -- The growth of gross regional product (GDP) of Uzbekistan will make up 7.5% in 2013 and 8% in 2014, the Asian Development Bank’s Asian Development Outlook 2013 said.
Earlier, the ADB said that the economic growth of Uzbekistan will make up 7.9%. The bank noted that Uzbekistan’s GDP grew by 8.2%, which is 0.2 percentage points more compared to previous forecasts.
According to the ADB report, the growth in Uzbekistan was driven by strong performance in all production sectors, continuing public investment, and high remittances and public sector wage increases, which boosted private consumption.
GDP growth is forecast at 7.5% in 2013 and 8.0% in 2014, driven by state-led investment and domestic consumption. Industry and services will continue to be the main supply-side drivers of economic growth, the bank said.
Industrial output will be supported by higher domestic lending and foreign investment, while services will be driven by higher domestic demand, especially from the public sector, the ADB said in its report.
The ADB forecast said that the inflation level in Uzbekistan will make up 9.5% in 2013 and 9% in 2014. Earlier, the ADB forecasted that inflation rate made up 9% in 2013.
Current account balance will make up 4.3% to GDP in 2013 and 3.2% in 2014, the bank said. The figure was 4.7% to GDP in 2012.
The bank forecasted that external debt of Uzbekistan will grow to 19.3% in 2013 and 20.8% to GDP in 2014 compared to 17.8% in 2012 (17.4% in 2011).
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