Uzbekistan’s GDP Exceeds $100 Billion Following Shadow Economy Reassessment
Uzbekistan’s GDP for 2023 Sees 12% Increase After Reassessment
After a comprehensive reassessment, Uzbekistan’s GDP for 2023 has shown significant growth, reaching $101 billion, a 12% increase from the previously reported figure. The $10.7 billion increase in nominal GDP is attributed to the inclusion of the shadow economy in the reassessment process.
In collaboration with a mission from the World Bank, the Uzbekistan Statistics Agency reevaluated the country’s GDP, taking into consideration the contribution of the shadow economy. The agency had initially reported Uzbekistan’s GDP for 2023 as $90.8 billion. However, after factoring in the informal and shadow economy, the figure surged by $10.7 billion to reach $101.6 billion.
The results of the reassessment were unveiled at a conference held at the Center for Economic Research and Reforms on July 31. According to Levan Gogoberishvili, a specialist in real sector statistics from the International Monetary Fund (IMF), integrating the informal economy into national accounts enhances the accuracy and completeness of statistical data, offering a more precise outlook on the economy’s status.
Gogoberishvili highlighted that while the previous reassessment in 2019 primarily impacted agricultural data, the latest reassessment for 2023 indicated substantial changes in statistics for construction, hotels and restaurants, healthcare, education, and other sectors.
The IMF representative also noted that the nominal GDP level is projected to rise by approximately 10-12% following the reassessment, with a potential increase of 0.8 percentage points in the real GDP growth rate.
The assessment of the informal and shadow economy was conducted through sample statistical surveys and administrative data across 14 regions of Uzbekistan. The study involved over 7,000 households in various areas, gathering data on their expenditures in different sectors.
Based on the data collected, the volume of the informal and shadow economy was evaluated for the years 2017-2023, leading to a significant increase in the nominal GDP for 2023. Detailed results of the study will be disclosed at a press conference at the Information and Mass Communications Agency on August 6.
The next general reassessment of national statistical indicators is slated for 2029, as Uzbekistan continues its efforts to ensure comprehensive and accurate economic data.
