Uzbekistan’s economic growth has been a topic of significant interest, especially as the country continues to make strides towards becoming a high-income nation. The growth rate of Uzbekistan’s economy is a key indicator of its progress and potential.
- Uzbekistan’s GDP is projected to grow by 6.7-6.8% in 2025, showcasing a robust economic performance.
- Industrial production is expected to increase by 6.3%, while market services are projected to grow by an impressive 13.5%.
- The agricultural sector is anticipated to see a 4% rise, and construction is expected to increase by 9.7%.
- Inflation has decreased to 4.2% year-to-date, compared to 5.2% in 2024, with an annual rate of 8.7%.
- Government revenue has seen a 27.8% increase year-on-year, reaching UZS 144.2 trillion, while government spending rose by 13.1% to UZS 173.3 trillion.
- Exports have reached USD 16.9 billion, marking a 33% increase, with significant contributions from sectors like fruits and vegetables, jewelry, and tourism.
- The World Bank highlights that Uzbekistan’s economic growth from 2010-2022 averaged 4.2% annually, surpassing regional averages. However, to achieve high-income status, double-digit growth is necessary, requiring improvements in productivity and regulatory reforms.
- The service sector has grown significantly, contributing 47.4% to GDP in 2024, with tourism and e-commerce as key drivers.
In summary, Uzbekistan’s economic growth is on a promising trajectory, with projections indicating a strong GDP growth rate of 6.7-6.8% for 2025. The country’s industrial, agricultural, and service sectors are all contributing to this positive outlook. However, to reach high-income status, Uzbekistan will need to focus on enhancing productivity, regulatory reforms, and infrastructure development. The government’s efforts in increasing exports and improving the business climate are steps in the right direction, ensuring a sustainable and prosperous future for Uzbekistan.
Former economist at the World Bank Group and OECD. Currently serving as CEO of DEVELOPTONIA, a company that delivers an AI-powered intelligence platform transforming local data into instant actionable insights.