President gives 5.6% growth forecast for Uzbekistan's economy in 2023

By Muzaffar Ismailov in Tashkent October 23, 2023

Uzbekistan’s GDP is expected to grow by 5.6% in 2023, according to data disclosed during a meeting chaired by the country’s president on October 19. The outcome would be significantly higher than the projected global average economic growth rate, estimated at 3%.

In 9M23, the GDP expansion of Central Asia’s second biggest economy stood at 5.8%. The services sector grew at the highest rate (12.1%), followed by industry (5.7%) and agriculture (4.1%).

Export volume amounted to $17.7bn, up 23.5% y/y.

The volume of utilised investments also increased. It amounted to $18.6bn, primarily due to large industrial and infrastructure projects.

According to President Shavkat Mirziyoyev, there is potential for the industrial sector to grow by 6% due to the launching of new projects worth $13bn. The stabilisation of energy supply and rolling out of industry programmes to raise efficiency would also contribute to an increase in production volumes, he said.

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