Uzbekistan's GDP reached UZS 242.7 trillion ($19.1 bn) in 1Q24, marking a 22.3% increase from the same quarter in the previous year, which recorded UZS 198.4 trillion ($15.6 bn).
The services sector dominated the economic activity, contributing 54% to the GDP, the State Statistics Agency reports. This was followed by the industry sector, which accounted for 29.2% of the GDP. The agriculture, forestry, and fishery sectors combined brought in 11.3%, while the construction sector made up 5.5% of the GDP.
During 1Q24, Uzbekistan’s GDP per capita was recorded at UZS 6.5 mn ($512), representing a 20.3% increase compared to 1Q23, where it stood at UZS 5.4 mn ($426).
The Central Bank of Uzbekistan forecasts the country’s real GDP growth to be between 5.2% and 5.7% for the year 2024. The expected moderation in consumer demand is attributed to structural changes in the spending patterns of households and businesses.
Earlier, Daryo reported that Uzbekistan's economic growth is expected to slow to 5.5% in 2024, primarily due to weaker performance in services and agriculture, the Asian Development Bank reports. However, a slight recovery is forecast for 2025, with growth improving marginally to 5.6% driven by a resurgence in industrial activity.
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