Uzbekistan witnessed a rise in its gross domestic product (GDP) per capita in 2023, reaching UZS 29,2mn, equivalent to approximately $2,496, as per the data released by the Statistics Agency. This marks an increase of 3.8% compared to the previous year, highlighting the country's steady economic growth trajectory.
Uzbekistan, a Central Asian nation with a diverse economy spanning agriculture, mining, manufacturing, and services, has been actively pursuing economic reforms to foster growth and attract foreign investment. These reforms, aimed at diversifying the economy, improving infrastructure, and enhancing the business environment, have contributed to the observed increase in GDP per capita.
The data reveals that Uzbekistan's GDP per capita experienced a steady upward trend over the last eight years, marking substantial progress in the country's economic landscape. In 2016, the GDP per capita stood at UZS 8mn ($2,704), exhibiting a 4.1% increase compared to the previous year. This positive momentum continued into 2017, with the GDP per capita reaching UZS 9.8mn ($1,914), reflecting a 2.7% growth compared to the preceding year.
Over the subsequent years, Uzbekistan's GDP per capita witnessed notable increments:
- 12.9 million soums ($1,604) in 2018
- 15.9 million soums ($1,794) in 2019
- 17.7 million soums ($1,759) in 2020
- 21.1 million soums ($1,993) in 2021
- 25.1 million soums ($2,276) in 2022
- 29.3 million soums ($2,495) in 2023
These figures demonstrate a consistent rise in GDP per capita, reflecting Uzbekistan's sustained economic growth during this period.
Furthermore, the overall GDP of Uzbekistan also saw expansion, reaching $90.9bn in 2023, which represents a 6% increase compared to the previous year. The upward trajectory of the country's GDP is evident in the figures, with the GDP standing at $60.2bn in 2020, escalating to $69.6bn in 2021, and surging to $81.1bn in 2022.
President Shavkat Mirziyoyev of Uzbekistan recently outlined a comprehensive set of strategic reforms under the "Uzbekistan-2030" strategy during a presentation on February 13. The strategy sets targets, including propelling the country's GDP to $160bn by 2030 and achieving a per capita income of $4,000, positioning Uzbekistan among above-average countries in terms of economic performance.
President Mirziyoyev emphasized the importance of establishing a robust legal framework and investor guarantees to attract investment and support economic growth. Targets have been set for completing foundational processes to build a market economy by 2024 and elevate the national economy to new heights of quality by 2025.
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