Overview of Uzbekistan's economic development in 2024.

Investments

There has been a positive trend in attracting investments. During the analyzed period, the volume of investments in fixed capital increased by 27.6%. The primary influx was observed in decentralized investments, which rose by 32.8%. It is noteworthy that investments from budgetary sources decreased by 10.7%, indicating a growing role of private investments.

In 2024, the share of centralized investments in the total volume of investments in fixed capital fell to 10.5% (down from 14.0% in 2023), while decentralized investments increased to 89.5%.

Sector Dynamics

All major sectors of the economy, except for the oil and gas extraction and pharmaceutical industries, experienced production growth. The most dynamic developments were observed in manufacturing, the services sector, and construction.

Key growth drivers included sectors such as textiles, electrical engineering, metallurgy, food production, and automotive industries.

Agriculture, although its growth rate slowed to 3.0% (compared to 4.1% in 2023), continues to be an essential sector ensuring the country's food security.

Industrial production demonstrated leading dynamics with a growth of 6.8% (up from 6.3% in 2023).

The main driver of this growth was the manufacturing sector, which showed leading dynamics and significant production increases, including the electrical engineering sector with 16.3% growth (up from +3.1% in 2023), textiles at 10.7% (+7.9%), metallurgy at 6.4% (+5.0%), food production at 3.2% (+6.8%), automotive at 8.8% (+16.8%), construction materials at 7.5% (+11.5%), chemicals at 3.4% (decline -3.3%), and furniture at 25.2% (+0.2%).

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

In the electricity supply sector, production volumes grew by 5.3% (compared to 9.5% in 2023).

In the oil and gas extraction sector, production volumes decreased by 1.4% (compared to a growth of 4.7% in 2023).

In the water supply, sewage, and waste disposal sector, growth was 5.5% (up from 3.2% in 2023).

In the construction sector, the growth rate was 8.8% (up from 7.0% in 2023).

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

The largest contributions by subsector in the services sphere were made by the financial sector at 20.6%, accommodation and food services at 10.6%, trade at 11.8%, and the communications and information sector at 25.8%.

Retail turnover increased by 9.9%.

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

Foreign Trade

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

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

At the same time, imports of fuel and lubricants rose by 50.1%, services by 21.5%, food products by 5.7%, and non-food raw materials by 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, Uzbekistan's economy demonstrated steady growth, which is a result of ongoing structural reforms in the country and reflects the significant economic potential of the nation.