Uzbekistan’s gross domestic product (GDP) totaled $115 billion as of end of 2024, president Shavkat Mirziyoyev announced during a government meeting on 16 January.
Economic growth reached 6.5% compared to the 2023 level of $90.8 billion. The GDP increase was partially attributed to a revision of data, including the “unobserved” economy. Additional details on GDP will be published in a separate report by the Statistics Agency.
Foreign investments surged 1.6 times, amounting to $34.9 billion. A total of 242 large and medium-sized projects worth $10 billion were launched. For the first time, exports exceeded $27 billion.
Investment volumes surpassed $100 million in 50 districts, a significant rise from just 11 districts in 2023. In Davlatabad, Yangi Namangan, Mirzo-Ulugbek, Chilanzar and Shaykhontohur districts, as well as in the cities of Namangan and Samarkand investments exceeded $300 million.
During the meeting, it was noted that plans in the mining, oil and gas, chemical and agricultural sectors were exceeded twofold.
However, textile industry underperformed by $17 million in investments, while Uztransgaz and Uzmetkombinat saw their indicators drop by half, and Uzsuvtaminot experienced a 20% decline.
The president issued a strict warning to heads of companies and organizations, emphasizing that their performance would be re-evaluated if they failed to show improvements in the first quarter of 2025.
Mirziyoyev criticized the Ministries of Ecology and Agriculture, as well as the Agencies for State Assets Management, Pharmaceuticals and Forestry, for attracting less than 25% of planned grants. The Ministries of Construction, Transport, Culture and Tourism secured grants of less than $10 million.
The investment and grant-attracting efforts of the Ministries of Preschool and School Education, Healthcare, Transport, Sports, Science and Higher Education, Culture, Ecology, Agriculture, Digital Technologies and Construction did not align with their capabilities, he noted.
Additionally, the president highlighted that investments from high-potential countries such as France, Japan, Italy, Hungary, Malaysia and Spain failed to reach even $100 million last year.
Goals for 2025
At the end of last year, regional plans for district governors were approved, with specific indicators set for each district.
This year, 27 district governors committed to increasing investment volumes to $200 million. For instance, in the past five years, foreign investments in Uchkoprik district of Fergana region increased tenfold, reaching $100 million. The district hokim aims to double this figure to $200 million by 2025.
However, investment plans for 10 districts remain below $40 million. These include Mirishkor, Kukdalin, Boyovut, Bandikhon, Uzun, Sherabad, Bekabad, Tashkent, Rishtan and Gurlan districts.
Officials were instructed to develop a new set of projects for these districts and establish plans to attract at least $100 million in investments.
During the meeting, hokim of Syrdarya region Akmaljon Makhmudaliyev was dismissed due to significant shortcomings in investment attraction and agricultural development. Additionally, 16 district governors received reprimands.