Consumer confidence among Uzbek citizens has reached a record high, as per a study by Freedom Finance Global, Spot reports. The consumer confidence index in December was 135.3, an increase of three points from the November level. This improvement was primarily due to optimism regarding personal financial situation expectations.
Significant Increase in Personal Situation Component
The increase in the change in the personal situation component was particularly significant. Over the month, the corresponding subindex increased by 7 points to a record 136.7. More than three-quarters of Uzbek citizens expect their financial situation to improve by the end of 2024. For instance, in the Andijan region, the indicator increased from 75% to 81.1%, and in the Bukhara region, it rose from 70.2% to 78.1%.
Economic Outlook Expectations
Expectations for the economic outlook for the next 12 months increased by 2.6 points to 161.2. The subindex for assessing the current situation increased to 129.6, and the share of those who positively assessed changes over the year increased to 55.1%. The GDP in Uzbekistan is forecast to amount to $99.6bn in 2024.
Inflation Estimates and Expectations
Inflation estimates remained unchanged. The share of those who noted a strong rise in prices in the last month increased from 29% to 29.3%. 47% compared to 47.2% reported a significant acceleration of inflation over the year. The dynamics of responses correlate with a slowdown in annual inflation in December to 8.77%. Monthly inflation accelerated slightly (1.24% compared to 1.13% in November), but remains at the lowest level for this month in recent years. Inflation expectations for the next month decreased significantly, amounting to 14.9% of participants (-9.3%), and on an annual basis - 24.2% (-2.6%).
Credit Confidence
Credit confidence fell slightly in December. The share of those who consider the current time to be good for loans was 29% (-2.6%), and for deposits - 39.8% (+0.3%). In addition, the number of those who expect unemployment to rise decreased by almost 3% (to 38.3%).
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