The EBRD specialists underlined that economy of Uzbekistan grew by 8.3% in 2011 compared to 8.5% in 2010. Earlier, in its October report, the EBRD forecasted that Uzbekistan will post 7.5% GDP growth in 2011.

The bank said that higher commodity export prices and remittances, FDI and export demand helped Uzbekistan to achieve high economic growth.

According to the report, the economy of Uzbekistan will grow by 7% in 2012 due to deteriorated commodity price outlook. Earlier in October, the bank forecasted that Uzbekistan’s GDP will grow by 6% in 2012.

In line with the report, inflation rate in Uzbekistan made up 13% in 2011. Current account balance surplus grew from 6.7% to GDP in 2010 to 8% to GDP in 2011. Net foreign direct investments slipped from 4.2% to GDP in 2010 to 3.2% to GDP in 2011.

As reported earlier, Uzbekistan posted 8.3% GDP growth in 2011. The Government of Uzbekistan expects that the GDP of the country will increase by 8.2% in 2012.