Uzbekistan’s Economy Achieves Impressive 6.5% GDP Growth Year-on-Year Uzbekistan’s
According to preliminary data from the Statistic Agency of Uzbekistan, the country’s real GDP grew by 6.5% in 2024, amounting to 1,454 trillion soums. This growth rate surpassed the figures recorded in 2022 and 2023, when the economy grew by 6% and 6.3%, respectively.
In 2024, GDP per capita reached 39.1 million soums in current prices, equivalent to $3.1 thousand at the average annual exchange rate. This represents an actual increase of 4.4% compared to 2023.
The industrial sector, trade, and hotel and catering services significantly contributed to the country’s economic growth. By the end of the year, the service sector’s share of GDP increased to 47.4%, while the industry’s share rose to 26.4%. Conversely, the proportions of agriculture and construction in GDP decreased to 19.2% and 7%, respectively.
The volume of agricultural output in 2024 grew by 3.1% compared to 2023, reaching 266 trillion soums. The industrial sector experienced a 6.8% increase, producing goods valued at 366 trillion soums. Construction grew by 8.8%, totalling 97 trillion soums, while the service sector expanded by 7.7%, amounting to 657 trillion soums.
Trade also saw significant growth, increasing by 11.5% to reach 87 trillion soums. The volume of transportation and storage services was valued at 76 trillion soums, an 8.5% increase compared to 2023. The most notable growth occurred in informatization and communication services, which rose by 24.7% and contributed 37 trillion soums to the economy.
Uzbekistan’s nominal GDP in U.S. dollars, calculated at the average exchange rate, amounted to $115 bn.
Kursiv Uzbekistan also reports that average salaries in Uzbekistan increased by 17.4% over the year.
