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Uzbekistan's GDP expected to grow by 5.7-6.2% by year end

According to Mamarizo Nurmuratov, there was also a significant decrease in core inflation compared to April and a decline in the impact on inflation from increasing electricity tariffs - it is expected that by the end of the year its figure will reach around 9%

TASHKENT, July 25. /TASS/. Based on the results of the first half of 2024, the Central Bank of Uzbekistan has raised the forecast for the republic's GDP growth by the end of the year by 0.5 percentage points to 5.5-6.2%, Chairman of the Central bank of the Republic of Uzbekistan Mamarizo Nurmuratov said.

"Given the high level of investment and production activity expected in the second half of the year, the forecast for real GDP growth in 2024 has been raised to 5.7-6.2%," he said at a press conference.

According to him, there was also a significant decrease in core inflation compared to April and a decline in the impact on inflation from increasing electricity tariffs - it is expected that by the end of the year its figure will reach around 9%.

"The inflation forecast has been revised downwards to reflect the dynamics of core inflation this year and the lower-than-expected impact of pro-inflationary factors. General inflation is expected to be around 9% by the end of the year and close to the target level of 5% by the end of the 2025," Nurmuratov said.

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