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The European Bank for Reconstruction and Development lowered the outlook of growth of Uzbekistan’s gross domestic product for 2015 from 7.8 percent to 7 percent.

The bank predicted Uzbekistan's GDP growth at 7.8 percent in January.

According to the bank’s May report "Regional Economic Prospects in EBRD Countries of Operations", the inflation will reduce from earlier projected 11 percent to 9.8 percent in Uzbekistan in 2015.

The economic growth amounted to 8.1 percent (Jan. estimate - 8 percent), inflation - 8.4 percent in Uzbekistan in 2014, the statement said.

EBRD predicts that the economy of Uzbekistan will grow by 7.2 percent in 2016.

The bank analysts believe that the situation in Russia will affect the economic development of Uzbekistan as the money transfer volume from this country in Uzbekistan will be reduced.

Moreover, the bank said that Uzbekistan’s trade volume with the main partners will be also reduced.

According to the government of Uzbekistan, the country's GDP increased by 8.1 percent in 2014 compared to 2013, the industrial production volume - by 8.3 percent, agriculture - 6.9 percent, inflation - 6.1 percent.

The government of Uzbekistan plans to ensure GDP growth at eight percent, industrial production - 8.3 percent, agricultural production - 6 percent, the volume of capital investments - 9.6 percent in 2015.

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