Uzbekistan’s Economy Sees 6.8% Growth, GDP Exceeds $25 Billion in Q1
Uzbekistan’s GDP Surges by 6.8% in First Quarter of 2025
According to preliminary data from the National Statistics Committee, Uzbekistan’s gross domestic product (GDP) experienced a notable growth of 6.8% in the first quarter of 2025, compared to the same period in 2024. This growth indicates a robust economic performance, with the country’s GDP reaching 333.6 trillion UZS (approximately $25.8 billion) from January to March 2025.
Sectoral Growth Highlights
The industrial sector played a significant role in this growth, expanding by 6.5%. The construction sector particularly stood out, showcasing a remarkable increase of 10.7%. Meanwhile, the agriculture, forestry, and fisheries sector grew by 3.8%.
The services sector also demonstrated strong performance, growing by 7%. Notably, trade, accommodation, and food services rose by 8.8%, while transportation, storage, information, and communications surged by 14.3%.
Industrial Output and Challenges
During this period, enterprises across Uzbekistan produced industrial goods valued at 211.3 trillion UZS. However, the sector faced some challenges, including a decline in the production of crude oil and natural gas, which fell by 9.8%. Additionally, the manufacturing of finished metal products (excluding machinery and equipment) experienced a significant drop of 20.9% compared to the same timeframe in 2024.
Agricultural Price Trends and Inflation
The Statistics Committee noted that food prices, particularly in agriculture, contributed significantly to inflation, driven by a 7.2% increase in egg prices, a 5% rise in vegetable prices, and a 3.6% increase in the prices of both meat and milk.
For the January–March period, consumer sector inflation was registered at 2.1%. Food prices rose by 2.9%, adding 1.3 percentage points to the overall inflation rate. Non-food prices saw a more modest increase of 0.8%, contributing 0.2 percentage points to inflation, while service prices rose by 2.6%, adding 0.6 percentage points to the total consumer price increase.
Investment Landscape
In terms of investments, total fixed capital from all sources reached 120.4 trillion UZS during the first quarter, marking a 7.9% increase compared to the same period last year.
Historical Context
For perspective, Uzbekistan’s GDP was 162.8 trillion UZS in the first quarter of 2022, rising to 198.5 trillion UZS in 2023, and then to 242.7 trillion UZS in 2024. The consistent upward trend underscores the country’s solid economic trajectory.
With this strong performance in various sectors, Uzbekistan appears well-positioned for continued growth in the upcoming months.
