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Economy of Uzbekistan takes seventh place in terms of GDP growth rate in 2016

Consulting Company Focus Economics presented its ranking of countries in terms of GDP growth rate for this year, according to which Uzbekistan ranks seventh. 

In the first place, analysts predict Turkmenistan with GDP growth rate forecast at 8.8 % . Followed by Ethiopia - 8.1% and Myanmar - 7.9%.

According to the forecast GDP growth rate in Uzbekistan will amount to 7.2% this year, China ( 6.5% ) and Sri Lanka ( 6.3% ). All in all, the list includes 15 countries. 

The same list, but for outsiders was topped by Venezuela. Forecasts of economists in regard to the dynamics of the country's GDP in 2016 amounted to minus 4.8%. Followed by Brazil with minus 2.6%  and Ecuador with minus 0.8 %.

The official figures from the country's authorities look slightly better. Speaking in January at the government meeting, President Islam Karimov said, that GDP growth rate this year is projected at 7.8%.In turn, the World Bank experts predict that Uzbekistan's economy may grow by 7.5 % in 2016,exceeding its forecast for 2015. These figures are given in the latest report published in "Global Economic Prospects". 

"We set out to provide GDP growth at 7.8 % ," said Karimov. 

8.2% growth rate is expected in production industry, in agriculture - 6.1%, retail trade – 14% and services - 17.4 %.


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