Uzbekistan’s Gross Domestic Product (GDP) reached 1.45 quadrillion soums in 2024, reflecting a 6.5% growth rate. At the average exchange rate, this figure equates to approximately $115 billion. Meanwhile, GDP per capita increased to 39.1 million soums or $3,093. These figures were published by the Agency of Statistics of Uzbekistan.
Structure of GDP
The composition of Uzbekistan’s economy in 2024 saw the following changes:
- Industry: Grew by 6.8%, reaching 885.82 trillion soums. The share of the manufacturing industry stood at 85.1%, mining and quarrying at 7.6%, electricity, gas, steam, and air purification at 6.8%, while water supply, sewage, and waste management accounted for 0.5%.
- Construction: Increased by 8.8% to reach 233.8 trillion soums.
- Services sector: Recorded a 7.7% growth.
- Agriculture, forestry, and fisheries: Expanded by 3.1%, totaling 467.04 trillion soums. A breakdown by sector indicates that 63.1% of agricultural output was generated by smallholder and household farms, 29.7% by private farmers, and 7.2% by agricultural enterprises.
Changes in GDP structure
The composition of the national economy experienced the following shifts:
- The share of the services sector increased from 46.2% to 47.4%.
- Industry’s share rose from 25.3% to 26.4%.
- Agriculture’s share declined from 21.2% to 19.2%.
- The construction sector’s contribution fell from 7.3% to 7%.
ICT and Transportation sectors
The share of information and communication technology (ICT) services in the economy reached 2.4%, while the information and telecommunications sector grew to 2.7%. Meanwhile, transportation and logistics accounted for 5.4% of total GDP.
The role of small business
The contribution of small businesses and entrepreneurship to GDP increased from 51.2% to 54.3%, reflecting the positive impact of economic reforms aimed at fostering private enterprise.
Future projections
By 2030, Uzbekistan’s economy is expected to surpass $200 billion, exceeding the previously projected $160 billion. President Shavkat Mirziyoyev stated in his parliamentary speech last November that the country has the capacity and potential to achieve this target.
Understanding GDP
Gross Domestic Product (GDP) represents the total value of all goods and services produced within a country over a year. It serves as a key indicator of national economic performance.
GDP per capita, on the other hand, measures the average economic output per person, indicating how wealth is distributed among the population. This metric is widely used to compare living standards between countries. However, GDP does not account for income inequality, environmental factors, or overall quality of life. A high GDP per capita may sometimes mask underlying economic disparities.
These insights provide a comprehensive overview of Uzbekistan’s economic performance in 2024 and the key factors shaping its growth.
