TASHKENT, Uzbekistan, November 10. BMI, a subsidiary of Fitch Solutions, has revised its projections for Uzbekistan’s GDP rate, Trend reports.
According to the BMI's most recent research, Uzbekistan's real GDP will grow by 5.3 percent in 2023, which is higher than the firm's prior projection of 5.0 percent.
"Real GDP growth was 5.6 percent year on year in the first half of 2023, driven by strong external demand and state investments." According to national statistics, exports gained 23.5 percent year on year during this period, while imports increased 21.2 percent, while capital formation increased 7.9 percent," according to the BNI research.
Despite displaying resilience in the first half of this year, the firm anticipates the private consumption rate to deteriorate.
“We continue to expect that Uzbekistan’s annual growth in 2023 will slow relative to 2022, owing to still elevated inflation, slowdown in consumption and in the services sector,” the analysis reports.
Looking ahead to 2024, the BMI maintains an optimistic stance, with Uzbekistan's nominal GDP projected to recover to 5.6 percent due to increased industrial production and capital investment.
According to the results of the first half of 2023, Uzbekistan's GDP amounted to 469.6 trillion Uzbek soums ($38.9 billion).
Meanwhile, the IMF anticipates that Uzbekistan’s real GDP will stand at 5.5 percent in 2028, with no changes from the 2023 and 2024 projections.
Uzbekistan plans to bring GDP to $160 billion by 2030, and the volume of exports is planned to increase to $45 billion as opposed to $18.5 billion in 2022.
The volume of GDP in Uzbekistan amounted to $80.4 billion in 2022, an increase of 13 percent compared to $69.24 billion in 2021.
