Republic of Uzbekistan
Country Facts
Federation of Euro-Asian Stock Exchanges
Uzbekistan’s GDP growth slowed down to 7%
year-on-year (y-o-y) in the first half of 2017
from 7.8% in the first half of 2016, as per official
statistics. Key drivers of this still robust rate were
services, agriculture, and industry, which were
supported by their corresponding 2016–20 sectoral
development programs.
On the demand side, the main driver of economic
growth was investment, including a large public
investment program to support real sector
development in 2015–19 as well as private and
state-owned enterprise (SOE) investments.
However, real investment growth slowed to 8.3%
y-o-y in the first half of 2017 from 11.8% y-o-y in the
first half of 2016.
Private consumption increased slightly in real
terms in the first half of 2017 due to stable income
growth (despite the acceleration in food price
inflation) and a recovery of remittances inflows,
which rose by about 30% y-o-y in U.S. dollar terms
in the same period. The current account and state
budget balances remained in small surpluses in the
first half of 2017.
Monetary and exchange rate policies remained
largely unchanged in the first half of 2017, helping
total banking loans to grow by over 40% y-o-y in
that period. On June 28, 2017, the Central Bank of
Uzbekistan (CBU) rate was raised from 9 to 14%,
given the higher inflation observed since late 2016.
Nonperforming loans remained stable at 0.4% in
August 2017 as per the CBU estimate, or 2.0–2.5%
according to Moody’s estimate.
Capital Market Information
Economic Development and Outlook
Key Highlights of the year 2016 2017
54
Click here to read the full economic outlook prepared by the
World Bank.