UzbekistanOctober 2012 |
We have raised our forecasts for economic growth in Uzbekistan to come in at 8.0% in 2012 and 7.7% in 2013, from 7.8% and 7.6% previously. This is on the back of favourable dynamics over the first half of 2012 whereby GDP grew by 8.1% y-o-y, driven primarily by services. Furthermore, Uzbekistan's agricultural sector benefitted from favourable weather patterns and abundant water, lifting the sector by 7.1% y-o-y. We expect an improving outlook for the country's industrial base and a pickup in global demand in 2013 will keep the economy expanding at a healthy clip.
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