Uzbekistan: Economy | Asian Development Bank

Uzbekistan: Economy

According to government sources, GDP grew by 7.0% in the first half of 2017, less than the 7.8% recorded in the same period of 2016. On the supply side, industry excluding construction was the main driver at 7.6%, up from 4.7% a year earlier. Within manufacturing, which is 80% of the industry sector, machinery and equipment production rose by 33.0% as external demand for passenger vehicles increased, particularly in the Russian Federation, lifting machinery exports by 81%. Meanwhile, growth in construction and services was less than in the same period of 2016 as import costs rose on faster depreciation of the Uzbek sum and associated inflation. The resulting slowdown in consumer demand almost halved growth in trade to 7.7% from 14.1% a year earlier. Agriculture expanded by 5.8%, slightly below the 6.8% rate in the same period of 2016, presumably reflecting slower growth in grain and livestock production. Read more from Asian Development Outlook 2017 Update


Economic forecasts for Central Asian countries

Country 2017f 2018f
Armenia 3.8 3.0
Azerbaijan –1.3 1.0
Georgia 4.2 4.5
Kazakhstan 2.7 3.0
Kyrgyz Republic 4.0 4.0
Tajikistan 5.0 5.5
Turkmenistan 6.5 6.5
Uzbekistan 6.8 7.5
Average 3.3 3.9
Country 2017f 2018f
Armenia 1.2 1.8
Azerbaijan 14.0 10.0
Georgia 5.7 4.0
Kazakhstan 8.0 7.0
Kyrgyz Republic 3.5 5.0
Tajikistan 8.0 7.5
Turkmenistan 5.7 5.5
Uzbekistan 11.5 12.0
Average 8.9 7.8
Country 2017f 2018f
Armenia –2.5 –2.3
Azerbaijan 5.6 11.0
Georgia –12.0 –11.5
Kazakhstan –4.5 –3.5
Kyrgyz Republic –13.0 –13.5
Tajikistan –5.5 –6.0
Turkmenistan –12.8 –12.4
Uzbekistan 0.1 0.5
Average –3.4 –2.0

f = forecast number.

Source: Asian Development Outlook 2017 Update