The slowdown this year is explained by low level of GDP deflator
in 2018 (101.5%) and the expected preservation of this dynamics in 2019-2020.
The GDP deflator
added an annual 0.2%, matching forecasts following the 0.3% slide in the three months prior.
"Medium-term, the dynamics of the purchasing power parity should become harmonised with the GDP deflator
."It added that the deceleration in convergence trends is due to different methodologies used in measuring the price level in Slovakia.
He said that Uzbekistan's GDP in 2018 is projected at 290.6 trillion soums, the GDP deflator
- 14.1 percent, the consumer price index -12-13 percent.
He mentioned the GDP deflator
, which shows the price movement of all the goods produced and consumed by the economy, including consumer goods, investment goods and government supplied goods and services.
The revision is partly the result of a much higher than expected GDP deflator
in 2015, with Ireland benefiting substantially from positive terms of trade.
Analysing the growth numbers, he said they were driven by low oil prices that overstated the GDP deflator
and increased government expenditure.
The official GDP growth rate assumes a GDP deflator
of -0.7 percent, 0.9 percentage points lower than our estimate,AA(r) the research note said.
According to the latest data available by the Central Department of Statistics and Information, the nonoil GDP deflator
contracted by 0.9 percent during the second quarter of 2014 as compared to the previous quarter.
The GDP deflator
rose 1.3 percent on average during the first three quarters of 2013.
However, the deterioration of the GDP deflator
in the first quarter showed that deflationary pressures remain strong.