Tashkent, Uzbekistan (UzDaily.com) — In 2024, Uzbekistan’s GDP in current prices was 1,454,573.9 billion soums, showing a real increase of 6.5% compared to 2023. The GDP deflator index, relative to 2023 prices, was 113.3%. This information was reported by the Statistics Agency.

When calculated in US dollars based on the average exchange rate for the reporting period, the nominal GDP amounted to US$114.96 billion.

In 2024, positive contributions to GDP growth came from the agriculture, forestry, and fisheries sectors – 0.6 percentage points, industry – 1.7 percentage points, construction – 0.6 percentage points, and services – 3.3 percentage points. The increase in net taxes on products added 0.3 percentage points to GDP growth.

Gross value added, created by all sectors of the economy, accounted for 95.3% of the total GDP and increased by 6.6% (contributing 6.2 percentage points to GDP growth).

Net taxes on products made up 4.7% of GDP, increasing by 6.0% compared to 2023 (contributing 0.3 percentage points to GDP growth).

At the end of 2024, there were slight changes in the sectoral structure of GDP. Compared to 2023, the share of the services sector in the sectoral structure of GDP (GVA) increased from 46.2% to 47.4%, industry from 25.3% to 26.4%, while the share of agriculture, forestry, and fisheries decreased from 21.2% to 19.2%, and construction from 7.3% to 7.0%.

In 2024, GDP per capita in current prices was 39.13 million soums (or US$3,092.7 equivalent).

As shown in the infographic, in 2024, real GDP per capita growth, compared to 2023, was 4.4%, and compared to 2020, it was 19.5%.

At the end of 2024, the agriculture, forestry, and fisheries sector showed positive growth of 3.1% (in 2023 – 4.1%, in 2022 – 3.6%, in 2021 – 4.0%, in 2020 – 2.9%).

In 2024, the total output (services) of agriculture, forestry, and fisheries amounted to 467,041.5 billion soums. Of this total, crop and livestock farming, hunting, and services provided in these areas accounted for 96.6%, forestry – 2.5%, and fisheries – 0.9%.

At the end of 2024, positive growth in this sector was driven by a 3.1% increase in crop and livestock farming, hunting, and services in these areas, and a 3.0% increase in forestry.

In 2024, the industrial sector saw a 6.8% increase in value added.

The positive dynamics in this sector were primarily driven by growth in the mining and quarrying industry (1.9%), manufacturing (7.7%), electricity, gas, steam, and air conditioning supply (5.4%), and water supply, sewerage, waste collection, and disposal (5.6%).

Compared to 2023, construction work in 2024 increased by 8.8%.

The growth rates for building and structure construction were 105.5%, for civil engineering works – 124.7%, and for specialized construction works – 106.4%.

In 2024, the total volume of construction work amounted to 233,832.9 billion soums. Of the total, large organizations accounted for 23.6%, small enterprises and microfirms – 46.2%, and individuals – 30.2%.

At the end of 2024, the gross value added in the services sector amounted to 657,348.5 billion soums, increasing by 7.7% compared to 2023. This included a 11.5% increase in trade services, a 10.7% increase in accommodation and food services, an 8.5% increase in transportation and storage, a 24.7% increase in information and communication, and a 4.5% increase in other services.

In 2024, the largest share of the gross value added in trade was in retail trade (excluding motor vehicle trade), which accounted for 56.1%. Wholesale trade (excluding motor vehicle trade) accounted for 30.9%, and wholesale and retail trade of motor vehicles and their repair – 13.0%.

At the end of 2024, the share of transportation and storage in Uzbekistan’s GDP was 5.4%. In the gross value added structure of the transportation and storage sector, the largest share was in road transport (55.7%). Pipeline transport accounted for 13.4%, rail transport – 8.4%, auxiliary transport activities – 14.9%, and air transport – 7.6% of the total value added in this sector.

In 2024, the share of information and communication in the country’s economy was 2.7%. In the structure of the value added in this sector, the largest share was in telecommunications services (wireless and mobile communication, internet, etc.), which accounted for 35.0%. The remaining 65.0% of value added in this sector was attributed to other areas (publishing, computer programming, software development, radio and television broadcasting, etc.).

In 2024, the share of information and communication technology (ICT) services in the country’s economy was 2.4%. The value added of ICT services was composed of telecommunications services – 38.2%, computer programming, consulting, and other related services – 43.3%, data hosting and processing, web portals – 9.6%, software development – 5.5%, and computer and communications equipment repair – 3.4%.

At the end of 2024, small businesses contributed 753,226.9 billion soums in value added, accounting for 54.3% of the total value added in the economy. Of this, agriculture, forestry, and fisheries accounted for 33.9%, industry – 12.6%, construction – 10.1%, and services – 43.4%. The share of small businesses in key sectors of the economy was: agriculture, forestry, and fisheries – 95.8%, construction – 78.4%, services – 49.8%, and industry – 25.9%.

At the end of 2024, the gross value added by the informal and shadow economy in Uzbekistan amounted to 505,650.1 billion soums, accounting for 34.8% of GDP. Of this, the gross value added by the informal economy amounted to 383,643.7 billion soums, accounting for 26.4% of GDP, and the gross value added by the shadow economy amounted to 122,006.5 billion soums, accounting for 8.4% of GDP.

In 2024, the structure of the informal and shadow economy in the sectors of agriculture, forestry, and fisheries was 63.6%, construction – 41.3%, services – 40.1%, and industry – 8.9%.