ADB forecasts inflation growth in Uzbekistan
Uzbekistan, Tashkent, Sept.15 / Trend, D. Azizov /
The Asian Development Bank (ADB) changed its forecast on the growth rate of inflation in Uzbekistan. According to the bank's September review Asian Development Outlook Update 2011, the bank forecasts inflation growth at 10 percent in 2011 and 9.5 percent in 2012.
In April, the ADB forecasted inflation in Uzbekistan at 8.8 percent in 2011 and 8.5 percent in 2012.
The ADB kept its forecast for 2011 and 2012 economic growth in Uzbekistan at 8.5 and 8.4 percent, respectively.
ADB also kept the forecast for the current account surplus at 16.3 percent of GDP in 2011 and 12.6 percent in 2012. Export growth in Uzbekistan is expected to reach 14 percent in 2011 and 3.1 percent in 2012, while the growth of import operations is expected to be 11.9 percent in 2011 and 16.3 percent in 2012.
According to official statistics, Uzbekistan's GDP in 2010 grew by 8.5 percent, compared to 2009. Industrial production also increased by 8.3 percent and agricultural production by 6.8 percent; inflation has reached 7.3 percent.
The country's foreign trade turnover in 2010 rose by 3 percent, up to $21.842.4 billion, including exports, which grew by 10.8 percent up to $13.044.5 billion. Imports have decreased by 6.8 percent to $8.797.9 billion. Uzbekistan's foreign trade surplus increased by 1.8 times and amounted to $4.246.6 billion.
The Uzbek government forecasts that GDP growth will reach 8.3 percent in 2011, industrial production - 9.3 percent, and agricultural products - 5.8 percent. Total capital investment is planned to increase by 12.4 percent, retail trade by 15.4 percent, and inflation will remain between 7-9 percent.
Uzbekistan has been a member of ADB since 1995. Today it is the largest recipient in Central Asia of loans from this financial institution. ADB has granted Uzbekistan more than two billion dollars since 1995 for projects in education, agriculture, modernization of the transport infrastructure, and energy sectors.