BAKU, Azerbaijan, May 5. Uzbekistan is one of the Central Asian countries, where the inflation rate has fallen in April 2023, Trend reports, referring to Renaissance Capital investment bank.
According to the bank, the country’s inflation rate in April 2023 has slowed down by 0.7 percent year-on-year to 11.0 percent.
One of the previous reports of Renaissance Capital said that Uzbekistan’s inflation rate would start decreasing in 1H2023 and reach 7 percent by the end of 2023, and projects inflation to decelerate further to 6 percent by the end of 2024.
Furthermore, the bank notes positive dynamics in Uzbekistan’s GDP growth during the first quarter of 2023.
“In Uzbekistan, despite the energy crisis in January, GDP growth in 1Q23 reached 5.5 percent year-on-year. The main growth driver was the consumer services sector (10.9 percent), while the growth in agriculture, industrial production, and construction was more modest but still solid (at 3.2 percent, 4.1 percent, and 4.5 percent, respectively), and the transportation sector saw a decline (with cargo turnover at -3.3 percent),” the bank notes.
Meanwhile, ADB (Asian Development Bank) expects Uzbekistan's inflation rate to reach 11 percent in 2023, and to slow down to 10 percent in 2024.
At the same time, IMF projects the inflation rate in Uzbekistan at 11.8 percent in 2023, increasing by 0.4 percent, compared to the estimated 11.4 percent in 2022.
