WB: Uzbekistan’s GDP to grow by 7% in 2014
11/06/2014 14:39
WB: Uzbekistan’s GDP to grow by 7% in 2014
11/06/2014 14:39
Tashkent, Uzbekistan (UzDaily.com) -- Economy of Uzbekistan will grow by 7% in 2014, according to new report of the World Bank “Global Economic Perspectives”, released today.
In January 2014, the World Bank was also forecasting that the gross domestic product (GDP) of Uzbekistan will increase by 7%.
According to forecast of the World Bank, the GDP of Uzbekistan will grow by 6.7% in 2015. The growth of GDP will make up 6.7% in 2016 as well. The forecast did not chance compared to January forecast.
In Uzbekistan, buoyant natural gas exports will continue to drive strong growth, but with its two other key export commodities (cotton and gold) well below 2010-13 levels and its major export markets (including Russia, Turkey, Ukraine, and China) set to decelerate, projected growth is lower than what it has seen in the past decade (averaging 8 percent), the bank said.
Current account balance will make up 2.1% to GDP in 2014 against 1.2% in 2013, the report of the World Bank said. The figure will reach 1.8% in 2015 and 0.7% in 2016, the report said.
World Bank underlined that exports of Uzbekistan will grow by 3.9% in 2014, 4.5% in 2015 and 4.5% in 2016.
In line with the forecast, imports of Uzbekistan will increase by 9.5% in 2014, 7.9% in 2015 and 6.2% in 2016.
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