The International Monetary Fund (IMF) has assessed Uzbekistan's gross domestic product (GDP), which stood at $101.6bn, according to a report by the Center for Economic Research and Reforms.
The assessment was a collaborative effort involving the Statistics Agency, the IMF, and the Center for Economic Research and Reforms. The primary objective of this research was to evaluate the extent of the “unobservable economy” in Uzbekistan and its impact on broader macroeconomic indicators. This evaluation took place in 14 regions, including 165 districts across the Republic of Karakalpakstan, various regions, and the city of Tashkent.
In July-August 2023, a technical assistance mission from the IMF engaged in the research, which involved detailed analysis of the expenditures of over 7,000 households. The study covered spending on living and food, transport, culture, education, health care, and other services, using questionnaires to gather comprehensive data.
Key Findings
The research provided new insights into the size and impact of the informal and hidden economy. By analyzing data from various sectors and regions for the years 2017-2023, the study aimed to determine the scale of unobserved economic activities and their effects on overall economic performance.
One of the notable outcomes of the research was the adjustment in the nominal GDP figure. As a result of incorporating new data, the GDP of Uzbekistan was revised to UZS 1,192.2 trillion (approximately $101.6bn), reflecting an increase of UZS 125.6 trillion (about $10.7bn) in 2023 alone.
Enhancing Data Accuracy and International Comparison
The research highlighted the importance of aligning Uzbekistan’s economic data with international standards, such as those set by the IMF or World Bank. Experts emphasized that harmonizing data with these methodologies is crucial for accurate economic analysis and comparisons with other countries. It also enhances the credibility of Uzbekistan's economic indicators on a global scale.
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