In the first half of 2024, Uzbekistan’s economy demonstrated notable resilience and expansion, as reflected by a 6.4% increase in the country’s Gross Domestic Product (GDP). According to data from the Statistics Agency, the GDP of Uzbekistan reached UZS 567.4 trillion, equivalent to approximately $45.1bn.
The diverse sectors contributing to this growth include industrial production, agriculture, and construction, each showing robust increases. Industrial production surged by 7.8%, reflecting a vibrant industrial sector capable of driving economic advancement. Similarly, the agriculture, forestry, and fisheries sectors grew by 3.8%, underscoring the ongoing importance of these industries to the Uzbek economy. The construction sector saw a remarkable increase of 10.1%, highlighting significant investments and developments in infrastructure and real estate. The service sector also matched the overall GDP growth rate of 6.4%, reinforcing its vital role in the economic landscape.
In terms of industrial output, Uzbek enterprises produced goods worth UZS 370 trillion ($29.4bn), while the agriculture, forestry, and fisheries sectors generated products and services valued at UZS 170.3 trillion ($13.5 bn). These figures illustrate the substantial contribution of these sectors to the country’s economic output.
Inflation in the consumer sector remained relatively controlled, with a rate of 5.2% recorded in the first half of the year. A closer look at price dynamics reveals a decrease of 1.7% in food prices, which contrasts with a 3.3% increase in non-food product prices. Services experienced a significant price rise of 21.1%, reflecting increased costs in various service sectors.
Uzbekistan’s foreign trade also experienced a positive trend, with the total trade volume reaching $31.8bn, marking an 8.5% increase compared to the same period in 2023. This increase is supported by a rise in export volumes to $13bn, while imports stood at $18.8 bn.
The economic growth of Uzbekistan in 2024 follows a historical trajectory of increasing GDP figures over recent years. In 2023, Uzbekistan's GDP first surpassed UZS 1.06 quadrillion ($90.9 bn), up from $60.2 bn in 2020, $69.6bn in 2021, and $81.1bn in 2022. This steady increase highlights the country’s ongoing economic development and its efforts to strengthen its economic foundations.
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