Uzbekistan 2024-2026 budget report, released on 15th December by Ministry of Economy and Finance of Uzbekistan, provides a comprehensive understanding of Uzbekistan's economic landscape. Some key points mentioned in the document give a clear view of the growth and development of the country.
Budget and Economic Framework
The report is pivotal in shaping Uzbekistan's socio-economic future. It lays out detailed macroeconomic indicators, budget revenues and expenditures, deficit forecasts, and financing sources. The document is a testament to Uzbekistan's strategic planning in economic and fiscal management.
Macroeconomic Outlook and Growth Projections
The economy is expected to grow by 5,6-5,8% in 2023-2024, with a further increase to 6,2-6,4% in 2025-2026. This growth trajectory aligns with the strategic goal of raising per capita GDP to $4,000 by 2030.
Global Economic Dynamics and Domestic Response
Despite global economic uncertainties, Uzbekistan's main export commodities, particularly gold, copper, and natural gas, have remained stable. The government's proactive measures have been instrumental in navigating these challenges and ensuring economic resilience.
Fiscal and Monetary Policy Initiatives
Uzbekistan's consistent structural reforms and a balanced fiscal and monetary policy approach have ensured macroeconomic stability, even amidst global economic challenges.
Investment and Capital Expenditure Trends
The forecast indicates a significant rise in capital investments, driven by foreign investments, corporate funds, and bank credits. Investments are expected to be channeled into various sectors, catalyzing growth and development.
Sectoral Analysis and Industrial Growth
The service sector, industry, construction, and agriculture are pivotal to economic growth. Each sector is witnessing remarkable growth rates, with the service sector, in particular, emerging as a primary growth driver.
Energy Sector Developments
There's an expected increase in natural gas and electricity consumption and production. The emphasis on state-private partnerships in electricity production marks a strategic shift in the energy sector.
Major Industrial and Infrastructure Projects
The document lists several significant projects:
- The Uzbekistan GTL project.
- The first phase of the 6th Hydro-metallurgy Plant and new capacities at the 5th Hydro-metallurgy Plant at Navoi Mining and Metallurgy Combinat.
- Expansion in light vehicle manufacturing.
- Increase in cement production capacities to 50 mn tons, totaling 31 mn tons.
Agricultural Sector Advancements
The agriculture sector is poised for a 37% growth in output. Key drivers include a 40% increase in crop production and a 35% rise in livestock products. This sectoral growth underscores the government's focus on enhancing agricultural productivity.
Service Sector Expansion and IT Developments
The service sector is projected to grow by 13%, with notable growth in communications, information technology, education, finance, trade, and transport. The IT sector, in particular, is expected to see substantial expansion, supported by government initiatives aimed at boosting employment and training in this field.
Financial Services Growth
The financial services sector, particularly the banking sector, is crucial in supporting the economy. There's been a notable increase in credit allocation by commercial banks, which is a significant factor in overall economic growth.
The comprehensive analysis of these specific projects and statistical data paints a picture of an economy in transition, with Uzbekistan investing heavily in various sectors to ensure sustainable growth and development.
Earlier Daryo reported that Uzbekistan is expected to achieve approximately 5.5% GDP growth in 2023, and projections for 2024 range from 5.5% to 5.6%.
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