ESCAP: Uzbek economy to grow by 7% in 2013
19/04/2013 12:54
ESCAP: Uzbek economy to grow by 7% in 2013
19/04/2013 12:54
Tashkent, Uzbekistan (UzDaily.com) -- The growth of gross domestic product (GDP) of Uzbekistan will make up 7% in 2013, a report of the UN Economic and Social Commission for Asia and the Pacific (ESCAP) “Economic and Social Survey of Asia and the Pacific 2013” said.
According to the report, presentation of which was held at the Center for Economic Research, economy of Uzbekistan rose by 8.1% in 2012.
According to forecast of ESCAP experts, the inflation level of Uzbekistan decreased from 13.2% in 2012 to 10% in 2013.
In Uzbekistan, GDP growth remained strong at 8.1% in 2012 but it was slightly lower than the 8.3% growth rate recorded in 2011. Growth in 2012 was driven mainly by the services sector, the report noted.
The economy was also assisted by rising investment through the Government’s ongoing industrial modernization and infrastructure development programme for the period 2011-2015. Furthermore, unlike in other economies in the subregion, favourable weather conditions and abundant availability of water lifted the agricultural outputs of Uzbekistan, the document said.
The recent increases in public sector wages and social payments also helped to sustain private consumption.
In Uzbekistan, the current account surplus narrowed to about 4.7% of GDP in 2012, from 5.8% in 2011, as global prices for their commodity exports, such as gold and cotton, declined.
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