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Based on Freedom Finance's research, Spot has reported that the consumer confidence index in Uzbekistan fell to a record low in May. The indicator reached 126.8 points in May, decreasing by 3.4 points during the month. The decline was recorded in all five sub-indices, with the most substantial decline in economic dynamics in the last year. The assessment of changes in the economic situation decreased by 117.5 points (-7.8). In March, 58% of Uzbeks had noted that the financial crisis had improved in the last twelve months; but in April, this figure decreased to 53.5%, and in May, to 48%. Just a third of respondents living in Tashkent assessed the economic dynamics positively. In Namangan, the percentage of positive responses decreased from 58.3% to 46.1%, while in five other areas it decreased by between 7 and 9%. The sub-index of changes in citizens' financial situation also decreased by 128.4 points (-2.9). Inflation is increasing in Uzbekistan. During the past year, prices have increased significantly—by 48.5% - breaking the record set in October of last year. The share of citizens who noted increased housing and communal services tariffs rose from 21.4% to 44.1% over two months. Conversely, only 13.2% of participants expect inflation to accelerate next month, and 28% over the course of the year. Expectations of devaluation also decreased: 63.4% expected a substantial weakening of the som against the dollar during the year, and 43.5% in the monthly range. Freedom Finance analyst Daniyor Orazboev told Spot that the decline in consumer confidence was caused by a “sharp acceleration of inflation due to administrative decisions in Uzbekistan.”
ASTANA (TCA) — The European Bank for Reconstruction and Development (EBRD) on November 7 said it is expecting the economy of Kazakhstan to grow by 3.8 per cent in 2017 and by 3.5 per cent the following year. The increased crude oil production, favourable oil prices, a recovery in real incomes growth as well as stronger activity in construction, agriculture and transportation sectors have all contributed to strong GDP growth. Continue reading
ASTANA (TCA) — The Government of Kazakhstan on August 29 reviewed the forecast and main priorities of the country’s social and economic development for the period 2018-2022, the official website of the Prime Minister of Kazakhstan reports. Continue reading
TASHKENT (TCA) — Uzbekistan’s Central Bank has raised the refinancing rate to 14 percent per annum starting from June 28. The decision was due to the increasing inflation in the country and the need to limit the increased risk of further inflation, the Jahon information agency reports. Continue reading
BISHKEK (TCA) — As domestic and external demand continues to recover, growth in Kyrgyzstan for 2017 is expected to reach 3.5 percent and continue to expand into the medium term, an International Monetary Fund (IMF) mission led by Edward Gemayel said in a statement after it visited Bishkek from April 5-18. Continue reading
BISHKEK (TCA) — Following relative economic stabilization in 2016, Eurasian Development Bank's member countries — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan — are entering the phase where inflation will go down significantly and key rates will be reduced gradually. This is expected to create more favorable conditions for the recovery of positive economic dynamics in the region, according to the findings of The Macroeconomic Review prepared by the Chief Economist Group at EDB. Continue reading
