IMF confirms forecast on GDP growth in Uzbekistan at 8 percent

Business Materials 8 October 2010 10:26 (UTC +04:00)

Uzbekistan, Tashkent, Oct. 8 / Trend D.Azizov /

The International Monetary Fund (IMF) has confirmed the April forecast of the GDP growth of Uzbekistan for 2010 at 8 percent  and for 2011 - 7 percent, according figures published on the official IMF website.

In October 2009, the IMF predicted the economic growth at seven percent in 2010.

Based on the IMF's World Economic Outlook forecast, the current account surplus in the payments balance will amount to 3.8 percent of GDP and will rise to 6.3 percent in 2011.

In April, the IMF projected this figure at 5.1 percent of GDP and 5 percent in 2011.

According to the report, inflation will rise to 10.6 percent in 2010 in Uzbekistan compared to the April forecast of 9.2 percent. In 2011, the IMF forecasted a 11.4-percent inflation compared to  a 9.4-percent calculated in April.

Based on the IMF data, in 2009 inflation amounted to 14.1 percent in Uzbekistan.

Earlier, the Asian Development Bank (ADB) maintained its earlier forecast of the GDP growth of Uzbekistan in 2010 and 2011. In its Asian Development Outlook 2010 Update, the ADB said that the Uzbek economy will grow by 8.5% in 2010 and 9% in 2011, the bank reported. Given the economic and export growth, the forecast on current account balance is maintained at 13 percent of GDP in 2010 and 14 percent - in 2011.

According to official statistics, Uzbekistan's GDP in 2009 increased by 8.1 percent compared to 2008, inflation amounted to 7.4 percent, industrial production increased by nine percent, and agricultural products - by 5.7 percent, the total investment in economy - by 24.8 percent.

In 2010, Uzbekistan plans to ensure GDP growth at 8.3 percent compared to 2009, industrial output - by 8.3 percent, agricultural production - five percent. Inflation will be kept at the level of 7-10 percent.

Uzbekistan joined the IMF in 1992 and the fund's representation has been operating in the country since1993.ПрослушатьНа латинице

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