Uzbekistan's economy showed strong resilience, with Gross Domestic Product (GDP) growing by 6.6% in the first nine months of 2024, up from 6.5% during the same period in 2023.
As of October 1, 2024, Uzbekistan's population reached 37.4mn, up from 36.6mn in 2023. The country's price index has also seen changes, with an inflation rate of 6.8% in 2024, an increase from 5.1% in the previous year.
President Shavkat Mirziyoyev during a recent meeting with government officials emphasized that the industrial sector grew by 7% over the past nine months, leveraging internal resources to drive this progress. He projected that Uzbekistan's GDP would maintain a growth rate of at least 6% by the end of the year.
A milestone was reached as the country's gold and currency reserves surpassed $40bn for the first time this year. Additionally, deposits in the national currency have increased by 50%.
Mirziyoyev highlighted the positive evaluations from international rating agencies regarding Uzbekistan's economic stability. The increasing trust from foreign investors has led to the successful placement of $4bn in Eurobonds on the global market. As a result, the share of investments in the GDP is projected to exceed 33% this year, with exports expected to rise by nearly 19%.
During the meeting, plans for 2025 were also discussed. Mirziyoyev expressed optimism about sustaining GDP growth in the coming year, contingent upon the timely implementation of planned projects and advancements in various sectors, including transportation, logistics, information technology, agriculture, and financial services. He stressed the importance of evaluating the effectiveness of concessions and addressing issues related to the shadow economy.
The main directives for Uzbekistan's draft state budget for 2025 were established, aligning with the insights shared during the meeting.
In terms of projections, the World Bank, Asian Development Bank, and European Bank for Reconstruction and Development (EBRD) all forecast Uzbekistan's GDP growth at 6% for 2024, indicating a consistent outlook for the nation's economic prospects.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)