Positive External Dynamics Boosting Economic Growth

We maintain our forecast view for Uzbekistan's growth to hold at 8.5% in 2011, following the release of GDP data for the first quarter of 2011 showing that the economy expanded by 7.6% y-o-y in nominal terms. A constructive external environment coupled with continued foreign and state fixed capital investment will be key drivers behind Uzbek economic growth this year.

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