By the end of 2024, Uzbekistan’s economy witnessed notable changes across several key financial indicators. According to the Central Bank’s latest report, the country’s total external debt rose by $10.8 billion, reaching $64.1 billion, which amounts to 55.7% of the national GDP.
A Surge in Investment Inflows
The net inflow of foreign direct investments increased by 32% year-on-year, totaling $2.8 billion. More strikingly, portfolio investments tripled, reaching $3.1 billion—indicating growing confidence from international investors in Uzbekistan’s economy.
Trade Balance and Export Trends
The trade deficit remained nearly unchanged at $17.4 billion. However, exports grew by 4.5%, reaching a total of $26.2 billion (excluding gold: $18.7 billion). This growth was primarily driven by significant increases in global commodity prices:
- Gold prices — up by 23%
- Uranium — up by 42%
- Silver — up by 21%
Migration and Remittances: A Stable Revenue Source
Rising labor demand in traditional migration destinations and diversification of migration geography led to an increase in remittance inflows, with secondary income reaching $10.6 billion. This helped to partially offset the current account deficit.
Currency Reserves and External Obligations
Despite a $734 million drop in the currency portion of foreign reserves, the sharp rise in gold prices led to an overall increase of $6.6 billion, bringing total reserves to $41.2 billion. At the same time, residents’ foreign currency assets and external liabilities both increased by 14%.
What Does the Rise in Public Debt Mean?
In 2024, Uzbekistan’s total public debt, including both external and domestic liabilities, reached $40.19 billion—an increase of $5.3 billion from the previous year. Of this, government external debt amounted to $33.9 billion, while corporate external debt stood at $30.2 billion.
