TASHKENT, Uzbekistan, March 21. Uzbekistan's Center for Economic Research and Reforms (CERR) has updated its preliminary estimate of the country's gross domestic product (GDP) for the first quarter of 2024, Trend reports.
Based on the forecast, Uzbekistan's GDP growth will reach 5.6 percent in the first quarter, which is higher than the International Monetary Fund and Asian Development Bank forecasts.
The expected sustainable growth of the whole economy at the level of at least 5.45 percent will be ensured by reducing production costs, increasing value added and labor productivity, as well as growth in private consumption.
The forecast for 2024 is prepared by CERR based on modern forecasting tools using the Knowcasting approach, which is based on extremely detailed flows of extensive data and is more efficient and has high accuracy.
Economic growth in the country amounted to 6 percent by the end of 2023.
According to Uzbekistan's Statistics Agency data, 6 percent growth was recorded in industry, 6.8 percent in services, 6.4 percent in construction, and 4.1 percent in agriculture. GDP is expected to increase by 6 percent this year, to $100 billion. Moreover, significant growth in industry, services, construction, and retail trade has been noted since the beginning of 2024, while foreign trade turnover has slightly decreased.
Meanwhile, the volume of GDP in Uzbekistan amounted to 1.06 trillion soums ($623.5 billion) in 2023. GDP per capita amounted to 28.9 million soums ($2,323). This indicator grew by 4.07 million soums ($327).