The GDP of the Republic of Uzbekistan for 2023 exceeded more than 90.8 billion US dollars. The inflation rate in the consumer sector amounted to 8.8%.
Socio-economic situation of the Republic of Uzbekistan
(for January-December 2023)
1. Gross domestic product
According to preliminary data, the volume of gross domestic product (GDP) of the Republic of Uzbekistan in January-December 2023 at current prices amounted to 1 066 569.0 billion soums and increased by 6.0% relative to the corresponding period of 2022.
The industry grew by 6.0% and the positive contribution to GDP growth is estimated at 1.5 percentage points.
The growth of the agriculture, forestry and fisheries sector amounted to 4.1% and the positive contribution to GDP growth is estimated at 1.0 percentage points.
The increase in the volume of construction work amounted to 6.4%. The positive contribution to GDP growth from the construction industry amounted to 0.4 percentage points.
The growth of the service sector amounted to 6.8%. Of this, trade, including accommodation and catering services, increased by 10.2%, transportation and storage, information and communications – by 12.3% and other service industries – by 4.5%. The positive contribution to GDP growth from the service sector is estimated at 2.6 percentage points.
The volume of net taxes on products increased by 7.4% and the positive contribution to GDP growth is estimated at 0.5 percentage points.
2. Industrial products
In January-December 2023, enterprises of the republic produced industrial products worth 655.8 trillion soums, the industrial production index amounted to 106.0% compared to the same period of the previous year.
In the total volume of industrial production, the share of manufacturing industry was 84.4%, mining and quarrying 8.4%, electricity, gas, steam and air conditioning 6.7%, water supply, sewerage, waste collection and disposal 0.5%.
The main factors of industrial production growth were an increase in output at manufacturing enterprises by 6.7 %, at mining enterprises – by 1.0 %, at power supply, gas, steam and air conditioning enterprises – by 9.7 %, as well as at water supply, sewerage, waste collection and disposal enterprises – by 1.0% compared to the same period of the previous year.
A significant impact on the change in the volume of the manufacturing industry was caused by an increase in output at food production enterprises (106.2% by January-December 2022), as well as at textile production enterprises (106.4%). At the same time, there is a decrease in production at enterprises producing computers, electronic and optical products (72.7% compared to the same period of the previous year), as well as at enterprises producing chemical products (98.0%). Compared to the same period of the previous year, the growth rate of consumer goods amounted to 107.3% and the share in total industrial production reached 28.8%.
In the structure of consumer goods production, the share of food products amounted to 37.4%, non-food products 62.6%. At the same time, the growth rate of food products by the corresponding period of 2022 amounted to 106.2%, non-food products 107.8%.
3. Agriculture, forestry and fisheries
The volume of products (services) of agriculture, forestry and fisheries in January-December 2023 amounted to 426 264.0 billion.sums, or 104.1% by the corresponding period of 2022, including in crop and livestock production, hunting and the provision of services in these areas – 411 594.6 billion soums (104.1%), in forestry – 10 399.5 billion soums (102.7%), in fisheries – 4 269.9 billion soums (107.4%).
The increase in the volume of products (services) of agriculture, forestry and fisheries is mainly due to an increase in agricultural production by 4.1%. The increase in agricultural production in all categories of farms is due to an increase in fish production by 7.3%, cocoons by 6.5%, cotton by 6.0%, grain by 5.5%, melons by 5.5%, fruits and berries by 4.1%, eggs by 4.4%, meat by 3.9%, potatoes – by 3.8%.
An analysis by category of farms shows that 63.1% of the total agricultural output falls on dehkan and subsidiary farms, 29.8% – on farms, 7.1% – on organizations engaged in agricultural activities.
4. Inflation rate
The inflation rate in the consumer sector of the republic in 2023 amounted to 8.8%.
Food products became more expensive by an average of 9.7% during 2023, which was manifested in an overall increase in the inflation rate by 4.10 percentage points, non-food products rose in price by an average of 7.7%, providing an increase in the aggregate indicator by 2.66 percentage points, services became more expensive by an average of 8.7%, increasing the aggregate indicator by another 2.01 percentage points. In the structure of the contribution to the growth of the consolidated indicator, the share of food products accounted for 46.8%, non–food products – 30.3%, services – 22.9% of the total increase.
In the structure of the increase in the consolidated CPI, the share of price changes in the section “Food and non-alcoholic beverages” accounted for about 42.2%. Due to a 9.2% increase in prices in this section, the consolidated figure for January-December 2023 was 3.70 percentage points higher. An increase in prices and tariffs in the field of transport (15.1%), for household goods and services (10.5%), in the field of healthcare (9.7%), for household items, household appliances and routine maintenance of housing (7.6%), housing services, water, electricity, gas and other fuels (6.4 %), as well as for clothing and footwear (6.2%), added another 4.29 percentage points to the consolidated CPI for the year.
The restraining factor was a decrease in prices and tariffs for goods and services in the field of information and communications – by 0.2% (-0.01 percentage points).
5. Investments in fixed assets
According to the results for January – December 2023, investments in fixed assets from all sources of financing amounted to 352 064.1 billion soums, and the growth rate compared to the corresponding period of the last year was 122.1%.
At the same time, the share of investments financed by enterprises in the total volume of investments in fixed assets amounted to 24.1%, foreign loans guaranteed by the Republic of Uzbekistan – 6.0%, loans from commercial banks and other borrowed funds – 6.3%, foreign direct investment and loans 47.4%, of which foreign direct investment (FDI) – 23.9 %, funds of the population – 9.5%, the Republican budget – 5.8 %, the Fund for Reconstruction and Development – 0.4% , the Fund for the Development of Water Supply and Sewerage Systems – 0.5%.
The main sources of financing for investments in fixed assets at a high growth rate by the corresponding period of 2022: loans from commercial banks and other borrowed funds – 117.9%, foreign direct investment and loans – 156.2%, of which foreign direct investment (FDI) – 196.4%, funds from the population – 108.9%, foreign loans guaranteed by the Republic of Uzbekistan – 130.3%.
Low growth rates were observed by sources of financing: funds from enterprises – 97.3%, funds from the Fund for Reconstruction and Development – 58.0%, the Fund for the Development of Water Supply and Sewerage Systems – 52.9%, the Republican budget – 88.6%.
6. Construction works
In January- December 2023, construction works worth 149 864.1 billion soums were completed, the growth rate was 106.4%. Of the total volume of construction works, 37 950.1 billion soums or 25.3% were performed by large enterprises and organizations, small enterprises and microfirms 82 655.3 billion soums or 55.2% and informal sector entities 29 258.7 billion soums or 19.5%.
7. Retail trade turnover
By the end of January-December 2023, the retail trade turnover amounted to 326 160.1 billion soums, and compared to the same period of the last year, it increased by 9.1%.
The share of turnover of large enterprises amounted to 16.2%, and their growth rate increased by 15.0%. The retail turnover of small businesses, compared to the same period of the last year, increased by 7.9%, the share of sales in the total turnover of retail trade amounted to 74.3%. Of the total turnover, the volume of sales of goods in unorganized trade amounted to 31 262.7 billion soums. The share of this sector in the total volume of trade reached 9.6%.
8. Foreign trade turnover
The republic’s foreign trade turnover in January-December 2023 amounted to 62 597.4 million US dollars and increased by 12 067.1 million US dollars, or 23.9%, compared to the corresponding period of the last year. Exports reached 24 426.2 million US dollars and, compared to the corresponding period of the last year, increased by 23.8%. Imports amounted to 38 141.2 million US dollars and, compared to the corresponding period of the last year, increased by 24.0%.
The most significant increase in the export structure was recorded in the export of machinery and transport equipment – which, compared to the same period of the last year, increased by 34.0% (by 331.5 million US dollars), food and live animals – 9.0% (by 146.1 million US dollars), various finished products – 8.1% (by 89.5 million US dollars), as well as for beverages and tobacco – by 16.0% (by 12.4 million US dollars).
The volumes of machinery and transport equipment increased more significantly than others in the import structure – by 54.0% (by 5,239.5 million US dollars), mineral fuels, lubricating oils and similar materials – by 46.7% (by 838.5 million US dollars), as well as chemicals and similar products – by 11.3% (by 492.3 million US dollars).
9. Market services provided
In January-December 2023, the volume of market services provided was equal to 470.3 trillion soums and, compared with the corresponding period of the last year, increased by 13.7%.
The main factor in the growth of the total volume of market services rendered was an increase in financial services by 20.6% (contribution to the increase in the total volume of services rendered by 4.5 points), trade services – by 10.2% (contribution to the increase of 2.5 points), transport services – by 8.0% (contribution to the increase of 1.8 points), communication and information services – by 24.6% (contribution to the increase of 1.6 points), education services – by 22.8% (contribution to the increase of 1.0 points).
The largest volume of services falls on trade services (110.7 trillion soums, the growth rate compared to last year was 110.2%), transport services (108.5 trillion soums, or 108.0%) and financial services (106.4 trillion soums, or 120.6%).
10. Number of enterprises and organizations
As of January 1, 2024, the number of operating enterprises and organizations in the republic amounted to 485.0 thousand units (without farms and dehkan farms), of which small enterprises and microfirms 417.1 thousand units. The largest number was noted in Tashkent city (99 151), Tashkent (45 295), Samarkand (43 477), Fergana (42 574), Kashkadarya (33 064), Bukhara (31 203) and Andijan (29 717) regions.
By type of economic activity, the largest number of operating enterprises and organizations falls on trade – 158 065, industry–69 444, agriculture, forestry and fisheries – 37 772, construction–34 749 and accommodation and catering services – 28 364.
In January-December 2023, 88.8 thousand enterprises and organizations were newly created in the republic, of which small enterprises and microfirms amounted to 86.0 thousand units.
As of January 1, 2024, the number of operating enterprises with the participation of foreign capital in the republic amounted to 14 053 units. Of these, joint ventures account for 4 657 units, and foreign enterprises – 9 396 units.
Source: Statistics Agency under the President of the Republic of Uzbekistan