In 2023, Uzbekistan’s gross domestic product (GDP) reached UZS 1.07 quadrillion (approximately $90.8bn), marking growth of 6% compared to the previous year. The data was released by the State Statistics Agency of Uzbekistan.

The country’s GDP per capita also saw growth, reaching UZS 28.98mn (about $2,468). This represents an increase of 9.4%, or $213, when converted to US dollars.

In terms of sectoral growth, the industrial sector of Uzbekistan showed a 6% increase, contributing UZS 655.8 trillion ($52.7bn) to the economy. The manufacturing industry accounted for the largest share of industrial output at 84.4%, followed by mining and quarrying at 8.4%, and electricity supply, gas, steam and air conditioning at 6.7%. The water supply, sewerage, waste collection, and disposal sector contributed 0.5%.

The agricultural sector, including forestry and fisheries, grew by 4.1%, reaching UZS 426.3 trillion ($34.2bn). Analysis of this sector indicates that 63.1% of total agricultural production was derived from dehkan (family farm) and subsidiary plots, 29.8% from private farms and 7.1% from agricultural organisations.

The construction sector experienced growth of 6.4%, with output at UZS 149.86 trillion ($12.5bn), while the services sector grew by 6.8%, with output recorded at UZS 470.3 trillion ($37.8bn).

International financial institutions (IFIs) have projected stable economic growth for Uzbekistan for the next few years, with the World Bank (5.5%), International Monetary Fund (5.2%), Asian Development Bank (5.5%) and Fitch Ratings (5.3%) all seeing steady growth of between 5%-6%.

The steady outlook is partly attributed to the country’s many capital market reforms, Tashkent’s move to integrate green finance in both the public and private sectors and privatisation initiatives.