Market Overview. Uzbekistan's economy continued to grow at a healthy rate with GDP rising to 888.3 trillion Soum ($80.4 billion) in 2022, or 5.7% in real terms. The service industry (3.2%) was the main contributor to GDP growth, while the manufacturing (1.3%), agriculture (0.9%) and construction (0. Contact online >>
Market Overview. Uzbekistan''s economy continued to grow at a healthy rate with GDP rising to 888.3 trillion Soum ($80.4 billion) in 2022, or 5.7% in real terms. The service industry (3.2%) was the main contributor to GDP growth, while the manufacturing (1.3%), agriculture (0.9%) and construction (0.4%) industries added the rest and net taxes
Latest news and information from the World Bank and its development work in Uzbekistan. Access Uzbekistan''s economy facts, statistics, project information, development research from experts and latest news.
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Economic trends and prospects in developing Asia: Caucasus and Central Asia Uzbekistan 91 in 2022, as money transfers to Uzbekistan jumped by $8.6 billion. The rise came partly from repatriated revenue from agricultural exports, and partly from migrant workers in Russia shifting their transfers home
Uzbekistan has implemented bold reforms in recent years, liberalizing its economy and improving prospects for private sector development. Since 2017, with an average GDP growth of 5.3%, the country has become one of the world''s top reformers, outperforming many lower-middle-income economies.
Nevertheless, job creation has lagged with just 1.1% average growth over the last five years. However, the country needs to accelerate this as population growth averaged 2% over the same period, with a projected yearly net increase of 250,000 in the working-age population.
To achieve sustainable, job-rich economic growth, Uzbekistan needs to sustain its reforms focused on reducing state dominance in the economy, liberalizing key sectors, and improving the environment for trade, business, and investment. Building the right skills for the fast-growing economy is also an essential area for public investment.
In 2023, Uzbekistan adopted the National Development Strategy 2030, aiming to become an upper-middle-income country by the end of this decade. The country also plans to make progress in the following priority areas: empowering citizens; ensuring the population''s well-being through sustainable economic growth; protecting the environment and conserving natural resources; and developing public services with a focus on people''s needs.
The World Bank Group remains committed to its collaboration with the government to assist Uzbekistan in realizing its key development objectives by 2030.
Number of active projects
In May 2022, the World Bank Group''s new Country Partnership Framework for Uzbekistan (CPF) was endorsed by the World Bank''s Board of Executive Directors. The document outlines the group''s financial and analytical support to the Government of Uzbekistan for the next five years in support of the National Development Strategy for 2022–26.
The CPF aims to expedite the country''s move towards an inclusive and sustainable market economy through three overarching goals: (1) boosting private sector employment, (2) enhancing human capital, and (3) facilitating a transition to greener growth that improves livelihoods and resilience.
Additionally, the CPF seeks to help the Government of Uzbekistan in narrowing gender disparities and in fortifying citizen involvement and accountability within public services.
Since 2017, the World Bank''s financial and analytical assistance to Uzbekistan has significantly increased, reinforcing the government''s comprehensive market reform agenda.
Today, the country is the World Bank''s third-largest client in the Europe and Central Asia region and has the region''s largest International Development Association (IDA) allocation.
As of October 1, 2024, the World Bank''s country program in Uzbekistan consisted of 24 projects, with net commitments totaling over $4.7 billion. These projects are funded through highly concessional credits from IDA for over $3.4 billion (or over 70% of the entire financing that the World Bank has provided to the country) and loans from the International Bank for Reconstruction and Development (IBRD) for $1.3 billion.
World Bank-funded projects, which are implemented by respective government agencies, are pivotal in driving critical macroeconomic reforms and modernizing a wide array of sectors. These projects target improvements in agriculture, water and land resource management, water supply as well as sanitation, energy, transport, health, education, and social protection systems. These projects also focus on enhancing both urban and rural infrastructure, investing in institutional capacity building, and developing national innovation, tax administration, statistical, and financial systems.
Moreover, the World Bank''s engagement in Uzbekistan includes a comprehensive suite of technical assistance, advisory, and analytical services provided to the government. These services support the preparation and implementation of national strategies aimed at poverty reduction, health, education, and social protection, as well as sector-specific reforms in energy, aviation, tax administration, and banking, as well as assisting Uzbekistan with acceding to the World Trade Organization (WTO).
In Uzbekistan, real GDP grew by 6.4% year-on-year (YoY) in H1 2024 compared to 6.2% in H1 2023, driven by investment and private consumption.
Real consumption growth accelerated to 6.8% in H1 2024, supported by wage and remittances growth, while real investment increased by 36.6%, with FDI accounting for 29% of this investment.
Exports (in nominal U.S. dollar value) increased moderately in H1 2024, by 5.5% compared to 24.7% a year earlier, led by services, food, and chemicals exports, while exports of gold, textiles, and machinery decreased moderately. Imports expanded by 11% in H1 2024, led by rising natural gas imports, machinery and equipment, and intermediate industrial goods.
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