According to the EBRD report “Regional Economic Prospects in EBRD Countries of Operations”, the gross domestic product (GDP) of Uzbekistan will grow by 7% in 2011 and 7.5% in 2012.

Earlier in May, the EBRD experts forecasted that economy of Uzbekistan will grow 8.5% this year and 8% next year.

EBRD said Uzbekistan’s economy appears to have been unaffected by the crisis, with an official growth rate above 8 per cent in 2009 and 2010, driven mostly by favourable external conditions and expansionary fiscal policies.

However, GDP growth slowed down somewhat to 7.6% during 2011 Q1 and is expected to average 7% during 2011, the bank said.

In line with the report, inflation rate in Uzbekistan will make up 11% in 2011 against 9.4% in 2010. Current account balance surplus grew from 6.7% to GDP in 2010 to 10% to GDP in 2011.

Net foreign direct investments will make up 3.2% to GDP in 2011 against 4.2% to GDP in 2010, the bank’s report said.