Uzbekistan's economy surges 5.8% in first 9 months of 2023

TASHKENT. Oct 20 (Interfax) - Uzbekistan's economic growth reached 5.8% in the first nine months of this year, official Uzbek media reported on Friday following a meeting chaired by Uzbek President Shavkat Mirziyoyev.

"Our country's economy surged 5.8% in the first nine months of this year. In particular, the production industry grew 5.7%, agriculture 4.1%, and the service sector 12.1%," the statement said.

Despite some challenges on the global markets and in logistics, exports rose 23.5% to $17.7 billion, it said. In total, 226.6 trillion sum of investments were used thanks to the implementation of major industrial and infrastructure projects in economic sectors and regions, up 11.8% compared to the same period last year.

Previously, the World Bank in its October review for the Europe and Central Asia region upgraded Uzbekistan's GDP growth forecast for 2023 to 5.5% from 5.1% expected in June. In September, the Asian Development Bank raised its forecast for Uzbekistan's GDP growth in 2023 to 5.5% from 5% expected in July. The European Bank for Reconstruction and Development kept it at 6.5%.

The Central Bank of Uzbekistan in July maintained the GDP growth forecast at 5%-6% in 2023. Uzbekistan's GDP soared 5.6% between January and June 2023, the Uzbek Statistics Agency said.

Uzbekistan's GDP increased 5.7% in 2022.

The current exchange rate is 12231.01 sum/$1.