Buildings in Uzbekistan

Uzbekistan Economy

Uzbekistan's economy in numbers:

Nominal GDP of USD 81.1 billion in 2022.

GDP per capita of USD 2,300 compared to the global average of USD 10,589.

Average real GDP growth of 5.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 43% of overall GDP, manufacturing 20%, other industrial activity 12%, and agriculture 25%. Looking at GDP by expenditure, private consumption accounted for 59% of GDP in 2021, government consumption 17%, fixed investment 41%, and net exports -17%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 35% of total merchandise exports, mineral fuels 7%, food 9%, ores and metals 14% and agricultural raw materials 3%, with other categories accounting for 32% of the total. In the same period, manufactured products made up 75% of total merchandise imports, mineral fuels 6%, food 13%, ores and metals 4% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 17 billion in 2022, while total imports were USD 28 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.9% in the decade to 2022. To read more about GDP growth in Uzbekistan, go to our dedicated page.

Fiscal policy:

Uzbekistan's fiscal surplus averaged 0.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 7.2% in the decade to 2022. For more information on Uzbekistan's unemployment click here.

Inflation:

Inflation averaged 11.9% in the decade to 2022. Go to our Uzbekistan inflation page for extra insight.

Monetary Policy:

Uzbekistan's monetary policy rate ended 2022 at 15.00%, up from 12.00% a decade earlier. See our Uzbekistan monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the sum weakened by 82.3% vs the U.S. dollar. For more info on the sum, click here.
Following Q4’s acceleration, year-on-year GDP growth came in at 6.2% in Q1 2024 (2023: +6.0%). Industrial production grew by 6.5% in the quarter on the back of booming manufacturing output (2023: +6.0%). Moreover, construction activity growth strengthened, and the expansion of the services sector seen in 2023 remained stable in January–March. Additionally, fixed investment continued to rise at a whopping rate of over 170% in the same period (2023: 122%), and retail trade growth picked up. Less positively, exports swung into contraction, and agricultural output growth softened slightly. In other news, in mid-April, Uzbekistan announced plans to invest USD 500 million in boosting its gas-transport infrastructure in order to more than triple its Russian gas imports by 2030. The move should help meet domestic energy demand and support economic activity in the medium term.
Projections out to 2033.

40 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Uzbekistan in the coming years? FocusEconomics collects projections out to 2033 on 40 economic indicators for Uzbekistan from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Uzbekistan economy. To download a sample report on the Uzbekistan's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Uzbekistan Economic Data

2018 2019 2020 2021 2022
Population (million) 32.7 33.3 33.9 34.6 35.3
GDP (USD bn) 52.7 60.3 60.1 69.6 81.1
GDP per capita (USD) 1,614 1,815 1,774 2,013 2,300
GDP (EUR bn) 44.5 53.9 52.6 58.9 77.0
GDP per capita (EUR) 1,364 1,622 1,550 1,703 2,183
GDP (UZS tn) 427 533 606 738 897
Economic Growth (Nominal GDP, ann. var. %) 34.4 24.9 13.7 21.9 21.4
Economic Growth (GDP, ann. var. %) 5.5 6.0 2.0 7.4 5.7
Fiscal Balance (% of GDP) 1.8 -0.3 -3.3 -4.6 -4.3
Public Debt (% of GDP) 19.4 28.3 37.1 35.3 33.9
Inflation (CPI, ann. var. %, aop) 17.6 14.5 13.0 10.9 11.4
Refinancing Rate (%, eop) 16.00 16.00 14.00 14.00 15.00
Exchange Rate (UZS per USD, eop) 8,328 9,429 10,478 10,786 11,252
Exchange Rate (UZS per USD, aop) 8,094 8,827 10,067 10,616 11,053
Exchange Rate (UZS per EUR, eop) 9,523 10,582 12,823 12,266 12,006
Exchange Rate (UZS per EUR, aop) 9,549 9,881 11,476 12,549 11,618
Current Account Balance (USD bn) -3.6 -3.4 -3.0 -4.9 -0.6
Current Account Balance (% of GDP) -6.8 -5.6 -5.0 -7.0 -0.8
Merchandise Trade Balance (USD bn) -6.9 -7.3 -6.2 -8.8 -11.2
Merchandise Exports (USD bn) 11.4 13.9 12.8 14.1 17.1
Merchandise Imports (USD bn) 18.3 21.2 19.0 22.9 28.3
Merchandise Exports (ann. var. %) 12.0 22.1 -7.7 10.2 21.0
Merchandise Imports (ann. var. %) 47.5 16.1 -10.1 20.3 23.6
Foreign Direct Investment (USD bn) 0.6 2.3 1.7 2.3 2.5
External Debt (USD bn) 17.6 23.0 33.7 40.8 49.1
External Debt (% of GDP) 33.4 38.0 56.0 58.7 60.5

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