World Bank Document

which the government successfully countered with counter-cyclical policies. While world 

economic growth was recovering from the global financial crisis, commodity prices declined, China’s 

economic growth slowed and remittances weakened, all affecting Uzbekistan’s exports. The economy 

nonetheless managed to grow at an average annual rate of 8.2 percent in 2011-13 as a result of 

expansionary fiscal policies and measures to boost credit to the private sector to counter the impact of 

a gradually worsening external environment. During this period, while the government ran a fiscal 

surplus, monetary policy was accommodative. Official consumer price inflation was 6.8 percent at 

end-2013. The main sources of consumer inflation in 2011-13 were administered price increases of 

gasoline, utilities, and transport services and higher import tariffs and excise taxes on some food. 

                                                           

1

 Over the last decade, only Angola, Azerbaijan, China, Ethiopia, Mongolia, Qatar, and Turkmenistan grew faster. 

2

 These figures are presented in purchasing-power parity terms. In current US$ (Atlas method), GNI per capita rose from US$560 

in 2001 to US$2,090 in 2014.

 

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5 

 

 

9.