Tashkent, Uzbekistan (UzDaily.com) — The Asian Development Bank (ADB) has upgraded its economic forecasts for Uzbekistan’s GDP in 2024 and 2025, according to the organization’s autumn review.

Experts highlight that Uzbekistan’s economy is showing steady growth, driven by positive developments in key sectors.

In 2024, GDP growth is expected to reach 6%, which is 0.5 percentage points higher than the April forecast. In 2025, Uzbekistan’s economy is projected to grow by 6.2%, an increase of 0.6 percentage points compared to earlier predictions.

The industrial and construction sectors have been key drivers of economic expansion. In the first half of 2024, the industrial sector grew by 7.8%, significantly surpassing last year’s 5.6%. The construction industry also doubled its growth rate to 10.1%, fueled by active investments in infrastructure and housing development.

Increased consumer spending also played a crucial role, with a 5.5% rise in 2024 due to the indexation of wages and pensions.

ADB predicts a reduction in inflation to 9.5% in 2024 (-0.5 percentage points) and to 9% (-0.5 percentage points) in 2025.

The slowdown in inflation is attributed to an increase in domestic food supply and a decline in the prices of imported goods, despite rising energy costs.