Uzbekistan's GDP up 6.6% in Jan-Sept 2024

TASHKENT. Oct 18 (Interfax) - Uzbekistan's GDP gew 6.6% in January-September 2024, Uzbek President Shavkat Mirziyoyev said at a meeting, the Uzbek media said on Friday.

"Despite the difficult situation in the world, our country's economy went up 6.6% and industry grew 7% in the past nine months, using internal capabilities," Mirziyoyev was quoted as saying by the media.

The country's GDP will have increased by at least 6% by the end of the year, the president said.

The country's gold and currency reserves exceeded $40 billion for the first time this year, Mirziyoyev said. Deposits in the national currency went up 50%.

"Authoritative international rating agencies are also positively assessing the stability of Uzbekistan's rating. Thanks to the growing confidence of foreign investors, Eurobonds worth $4 billion were placed on the global market," Mirziyoyev said.

As a result, the share of investment in the GDP will exceed 33% this year, he said. Export is expected to increase by almost 19%.

The meeting also addressed economic plans for 2025.

It was also stated that there are all capabilities for maintaining GDP growth next year. That will require the timely launch of planned projects, development of transport and logistics, information technologies, agricultural and financial services, Mirziyoyev said. He also ordered consideration of the effectiveness of concessions and reduction of the shadow economy.

The main tracks of the draft state budget for 2025 were determined based on the opinions stated in the meeting, the media reported.

Uzbekistan's GDP went up 5.8% in the first nine months of 2023.

The World Bank projects Uzbekistan's GDP growth in 2024 at 6%. The Asian Development Bank projected the country's GDP increase in 2024 at 6% in October.

The European Bank for Reconstruction and Development (EBRD) said in its September report on regional economic prospects in 2024 it projects the country's GDP increase at 6%.

Uzbekistan's economy grew 6% in 2023.