Economic Monitor Uzbekistan

Last year, the Uzbek economy grew by a strong 6.0%, driven by rising government spending and investment. Solid growth of 5.4% is expected for the current year. The inflation rate in August 2024 was a relatively high 10.5%, which was driven by the increase in energy tariffs for households. The budget deficit and current account deficit were also elevated at 5.5% of GDP and 8.6% of GDP respectively in 2023, but are expected to decline this year.

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