Fitch About Uzbekistan’s Rating: Economic Growth, Risks Retention

Fitch Ratings Agency published a report affirming Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “BB—” with a stable outlook.

Fitch experts note that the rating is supported by the relatively low government debt and the high growth of the Uzbek economy.

The Agency’s experts highlighte that these factors counterbalance RUz’s low GDP per capita and dependence on raw materials.

According to the Agency’s forecasts, the country’s debt-to-GDP ratio will be 32.1% by the end of 2026, compared to 32.5% in 2023. The bulk of the debt is in foreign currency, with an average maturity of 9.2 years.

The Uzbek economy is expected to grow to 5.5% in 2026, and by the end of this year, its GDP may increase by 6.2%.

Kursiv Uzbekistan reported that the country’s GDP per capita grew by 4% in the first half of this year.