ADB’s April outlook projected 6.6% real GDP growth and 8.0% inflation for 2025, with the fiscal deficit forecast at 4.0% of GDP.
ADB’s April 2025 outlook forecast Uzbekistan’s real GDP growth at 6.6% in 2025 and 6.7% in 2026, following reported growth of 6.5% in 2024. These are point-in-time forecasts and should not be treated as final national-accounts outcomes.
Inflation was projected at 8.0% in 2025 and 7.0% in 2026, while the fiscal deficit was forecast at 4.0% of GDP in both years. ADB expected industry to grow 7.0% annually and services by 7.8% in 2025 and 7.9% in 2026.
The outlook provided a contemporaneous base case for earnings, demand, discount-rate and sovereign-risk assumptions. Investors should compare the forecast path with subsequent inflation, fiscal execution and sector data rather than back-solving from later results.
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