TASHKENT, Uzbekistan, March 27. Uzbekistan's GDP growth may slow down to 5.7 percent in 2025 and 5.5 percent in 2026, a report from the Netherlands' largest banking group, Internationale Nederlanden Groep (ING) said, Trend reports.
"The economy of Uzbekistan showed moderate growth in 2024, with GDP increasing by 6.5 percent, slightly higher than the 2023 figure of 6.3 percent. A decline in agricultural production was offset by stronger results in the transport, construction, and industrial sectors, reflecting Uzbekistan's continued focus on growth driven by capital expenditures, as well as its active participation in regional trade and financial flows," the report says.
Looking ahead, the outlook remains mixed. On the one hand, the rapid growth of retail deposits by 31 percent in 2024 suggests financial resilience among households and their ability to sustain consumption. It’s also noted that as an exporter of raw materials, Uzbekistan has some resilience to global trade wars and increased defense spending.
"On the other hand, expected increases in domestic tariffs will put additional pressure on households, while businesses may face challenges due to fiscal consolidation," ING experts warned.
According to ING’s projections, Uzbekistan's GDP growth is set to take a backseat, with expectations hovering between 5.5 percent and 6.0 percent in the years ahead.