EBRD increases prognosis for Uzbekistan’s economic growth in 2013

Business Materials 12 November 2013 19:45 (UTC +04:00)

Tashkent, Uzbekistan, Nov. 12
By Demir Azizov- Trend: The European Bank for Reconstruction and Development (EBRD) has increased the prognosis for Uzbekistan's GDP growth for 2013 to 7.7 percent, the bank's last report titled "Regional economic prospects in the countries of EBRD operations" said.

It was earlier reported that in May 2013 the EBRD anticipated Uzbekistan's economic growth to be 7.5 percent for 2013. The bank maintained the prognosis for Uzbekistan's economic growth for 2014 unchanged (at the level of seven percent).

According to the prognosis, inflation in Uzbekistan will amount to 11 percent in 2013 compared to 12.1 percent in 2012.

The bank's report said: "Uzbekistan's GDP growth remained high - at the level of 8.2 percent - in 2012 and eight percent in the first six months of 2013. This was cased by combination of increase in state expenditures, diversification of gas export routes and monetary and loan conditions".

As it was reported, in early April, the Asian Development Bank (ADB) decreased the prognosis of Uzbekistan's GDP growth for 2013 to 7.5 percent compared to the earlier anticipated 7.9 percent of growth. The ADB also increased the prognosis for the inflation growth from nine percent to 9.5 percent.

According to official statistics, Uzbekistan's GDP increased by 8.2 percent in 2012 compared to the figures of 2011, and the inflation amounted to seven per cent compared to 7.6 percent in 2011.

In 2013, the government plans to ensure GDP growth at eight percent, inflation is planned to be kept within the seven to nine percent.