GDP of Uzbekistan rises 6% in 2023

TASHKENT. Jan 16 (Interfax) - Economic growth in Uzbekistan in 2023 reached 6%, and the inflation rate was below 9%, the presidential press service reported on Telegram.

The press service said that the results for 2023 and priority tasks to ensure macroeconomic stability and economic development in 2024 were discussed on Tuesday during a video conference call chaired by President of Uzbekistan Shavkat Mirziyoyev.

During the meeting, it was noted that GDP is forecast to increase at least 6% in 2024 to $100 billion, while 2022 GDP was $80.4 billion. Data for 2023 were not announced.

President Mirziyoyev said that industrial production grew 6% last year but production of value-added products did not exceed 40%. "We are not satisfied with these figures. This is mainly due to dependence on imports, high energy consumption and excessive costs," Mirziyoyev said.

He gave instructions to ensure industrial growth of 7% in 2024, while increasing production of value-added products to 45% and reducing production costs 15%.

The state budget of Uzbekistan for 2024 forecasts growth in the country's GDP of 5.6-5.8%, and inflation in the range of 8-9%.

Uzbekistan's GDP in 2022 increased 5.7%, while inflation was 12.25%.