Why is this important
The high growth rate confirms the stability of the economy and the effectiveness of investment and export policies. ADB forecasts are becoming a benchmark for investors and the government.
What happened
- The economy grew by 7.2% in the first two quarters of 2025, according to the ADB.
Growth was ensured by:
- internal consumption;
- large investments and activity in construction;
- a sharp increase in gold exports, compensating for the decrease in other export flows;
- Forecast for 2025: GDP growth of 6.6%; for 2026 — 6.7%;
- Inflation is expected to be 8% in 2025 and 7% in 2026;
- В первом полугодии инфляция составила около 9%, во втором квартале отмечено снижение ценового давления.
What they say
The ADB emphasizes that gold exports played a key role in maintaining growth rates amidst the weakness of other external sectors. The inflation forecast reflects the expectation of price stabilization.
Context
Earlier, the EBRD also increased its forecast for Uzbekistan’s economic growth for 2025. Construction and investment remain cornerstones of the state’s development strategy. Currency receipts, especially from gold and exports, have a significant impact on macroeconomic balances.
