Uzbekistan's economy grew at a slower pace than expected in 2024. According to official data, gross domestic product (GDP) growth reached 5.5%, which is 0.5 percentage points below the government's initial forecasts.

Key sectors of the economy experienced stagnation. Industrial output increased by only 3.2%, while the construction sector saw a decline of 2.1%. Export volumes fell by $2.3 billion to $18.7 billion.

Experts attribute the slowdown to a decrease in foreign investment inflows and weak domestic demand. The Central Bank of Uzbekistan managed to keep inflation at 9.8%, though this remains above the target level.

The government has announced optimistic forecasts for 2025, projecting GDP growth of 6.2% and inflation dropping to 7.5%. However, economists question the realism of these projections. Representatives of the International Monetary Fund (IMF) have stressed the need for deeper structural reforms in Uzbekistan's economy.

Source: uznews.uz