Economic Development of Uzbekistan in 2024

During the period under review, moderate price growth was observed in Uzbekistan. The consumer price index at the end of 2024 increased by 9.8% (in 2023 by 8.8%).

Investments

In the area of attracting investment, positive dynamics were observed. During the period under review, the volume of investments in fixed capital increased by 27.6%. The main inflow was observed in non-centralized investments – by 32.8%. At the same time, it is worth noting a reduction in investments from budget funds by 10.7%, which indicates an increase in the role of private investments.

In 2024, the share of centralized investments in the total volume of investments in fixed capital decreased to 10.5% (from 14.0% in 2023), non-centralized investments, respectively, increased to 89.5%.

Dynamics of economic sectors

In all major sectors of the economy, with the exception of the oil and gas extraction and pharmaceutical industries, production growth was noted. The most dynamic development was observed in the manufacturing industry, the service sector, and construction. Key growth drivers were industries such as textile, electrical engineering, metallurgy, food, and automotive industries.

Agriculture, although it slowed its growth rate to 3.0% (for 2023 – 4.1%), continues to be an important sector ensuring the country's food security.

Industrial production demonstrated outpacing dynamics with growth of 6.8% (in 2023 – 6.3%).

The main driver of this growth was the manufacturing industry, which showed outpacing dynamics and a significant increase in production, including the electrical engineering industry by 16.3% (in 2023 by +3.1%), textile – 10.7% (+7.9%), metallurgical – 6.4% (+5.0%), food – 3.2% (+6.8%), automotive – 8.8% (+16.8%), building materials – 7.5% (+11.5%), chemical – 3.4% (decline -3.3%), furniture – 25.2% (+0.2%).

A slight decrease in production volumes was observed in the pharmaceutical industry by 7.5% and the leather and footwear industry by 0.6%.

In the electricity sector, the growth in production volumes amounted to 5.3% (in 2023 – 9.5%).

In the oil and gas extraction industry, a decrease in production volumes of 1.4% was observed (in 2023, growth of 4.7%).

In the water supply, sewerage, and waste disposal sector, growth amounted to 5.5% (in 2023 – 3.2%).

In the construction industry, the growth rate amounted to 8.8% (in 2023 – 7.0%).

The service sector demonstrated outpacing growth dynamics compared to other sectors of the economy. The volume of market services provided increased by 12.9%.

The largest contribution in the context of service subsectors was made by the financial sector – 20.6%, accommodation and food services – 10.6%, trade – 11.8%, and the communications and information sector – 25.8%.

Retail turnover increased by 9.9%.

The volume of transport services increased by 11.8%, including road transport by 8.4%.

Foreign trade

Compared to last year, the growth dynamics of foreign trade volumes slightly decreased. At the end of 2024, foreign trade turnover increased by 3.8% and amounted to $66 billion, exports increased by 8.4%, and imports by 0.8%.

By type of product, exports of fuels and lubricants increased by 39.8%, services – 27.7%, chemical products – 29.1%, food products – 22.4%, industrial goods – 3.7%, while exports of machinery and transport equipment decreased by 7.9%, various finished products – by 7.5%.

At the same time, imports of fuels and lubricants increased by 50.1%, services – 21.5%, food products – 5.7%, non-food raw materials – 6.3%, but decreased in the category of machinery and transport equipment by 9.7%, industrial goods – by 4.2%, and chemical products – by 3.6%.

Overall, the presented data indicate that in 2024 the economy of Uzbekistan demonstrated sustainable growth, which is the result of structural reforms carried out in the country and indicates the significant economic potential of the country.

CERR Public Relations Sector