The State Statistics Committee of the Republic of Uzbekistan has released economic growth indicators for the first quarter of 2024. According to the data, the gross domestic product (GDP) growth rate stood at 6.2%, which is slightly lower than the figure for the same period last year. Committee Chairman Bahodir Qo‘ldoshev attributed this growth to positive dynamics in industry, construction, and services, but noted a slowdown in agriculture due to drought conditions.

Industrial production volume increased by 5.8%, primarily driven by achievements in the manufacturing and energy sectors. The construction sector showed the highest dynamics with a growth of 9.1%, indicating an uptick in infrastructure projects and residential construction. However, agricultural output rose by only 2.3%, reflecting challenges related to climatic conditions and limited water resources.

Among the factors influencing economic growth, foreign investments and state programs played a significant role. In the first quarter of 2024, direct foreign investments attracted to the country amounted to $1.5 billion, mainly directed towards energy and transport. At the same time, the inflation rate was 10.5%, remaining at an average level, but the issue of rising living costs persists compared to increases in population incomes.

Experts emphasize the need to develop diversification and innovations to ensure the sustainability of economic growth. Growth rates across Uzbekistan's key economic sectors vary, and in the future, more attention must be paid to supporting agriculture and small businesses for sustainable development. The State Statistics Committee is developing forecasts for upcoming quarters, but global economic uncertainty and internal resource constraints may pose potential risks.

Source: uznews.uz