Uzbekistan Diagnostic Assessing Progress and Challenges in

Fiscal and external positions remained strong.
Uzbekistan’s consolidated budget deficit is 
estimated to have remained below 1 per cent of GDP in 2017 and is expected to widen only 
slightly thanks to the unwinding of the government’s housing and infrastructure programmes. 
Public debt is estimated to total about 25 per cent of GDP. The balance of payments was 
likely broadly balanced in 2017 thanks to foreign currency selling by exporters and also the 
population. The inflow of foreign direct investment (FDI) and investment loans totaled sum 
16.3 trillion in 2017 according to official data, with 57 per cent invested in the oil and gas 
sector, 13 per cent in manufacturing and 10 per cent in telecommunications. Net international 
reserves stood at US$ 27 billion in in March 2018, and external debt at only around US$ 16 
billion (33 per cent of GDP). 
The economy is projected to grow by 5.1 per cent in 2018 and 5.3 per cent in 2019
on the 
back of increased investment and public spending on infrastructure, as well as export growth. 
However, the impact of deep structural reforms, including tax and customs reform and the 
overhauling of the role played by extrabudgetary funds, and changes in statistical 
methodology and data collection make forecasts subject to significant uncertainty.