Uzbekistan: Economy | Asian Development Bank

Uzbekistan: Economy

Reported growth slowed to 7.8% in 2016 from 8.0% the previous year. Inflation was marginally lower at 8.4% and the current account recorded a small surplus. Growth is projected at 7.0% in 2017 and 7.3% in 2018, with some improvement in the current account. Currency depreciation and government spending are forecast to raise inflation to 9.5% in 2017 and 10.0% in 2018. The finance sector needs reform. Read more from Asian Development Outlook 2017


Economic forecasts for Central Asian countries

Country 2017f 2018f
Armenia 2.2 2.5
Azerbaijan –1.1 1.2
Georgia 3.8 4.5
Kazakhstan 2.6 2.9
Kyrgyz Republic 3.0 3.5
Tajikistan 4.8 5.5
Turkmenistan 6.5 7.0
Uzbekistan 7.0 7.3
Average 3.2 3.8
Country 2017f 2018f
Armenia 1.2 1.8
Azerbaijan 9.0 8.0
Georgia 4.2 4.5
Kazakhstan 8.0 7.0
Kyrgyz Republic 5.0 4.0
Tajikistan 8.0 7.0
Turkmenistan 6.0 6.0
Uzbekistan 9.5 10.0
Average 8.1 7.4
Country 2017f 2018f
Armenia –2.3 –2.0
Azerbaijan 5.9 11.4
Georgia –12.0 –11.5
Kazakhstan –3.4 –3.0
Kyrgyz Republic –13.0 –13.5
Tajikistan –5.5 –6.0
Turkmenistan –15.0 –13.0
Uzbekistan 0.2 0.4
Average –3.0 –1.7

f = forecast number.

Source: Asian Development Outlook 2017