Uzbekistan’s GDP for 2024 Revised Upward to US$121.4 Billion

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s gross domestic product (GDP) for 2024 has been recalculated and increased to US$121.4 billion, National Statistics Committee Chairman Behzod Khamraev reported on 17 November.

Following the revision, the country’s GDP rose by 80.9 trillion soums (+5.6%)—from 1,454.6 trillion to 1,535.4 trillion soums, or from US$115 billion to US$121.4 billion. Economic growth was adjusted to 6.7% compared to the previously reported 6.5%. The revision covers data dating back to 2017.

Updated figures for GDP per capita were also included, rising from 39.13 million soums to 41.3 million soums, or from US$3,093 to US$3,265. Khamraev noted that the revision did not alter long-term growth trends:

“The dynamics have practically not changed… the difference is small—0.1–0.2 percentage points.”

Reasons for the Revision

The National Statistics Committee worked on improving macroeconomic indicators in collaboration with international experts and with support from the International Monetary Fund. The revision involved two main areas: methodological changes and refinement of current annual reporting.

A key factor was the inclusion of expenditures from off-budget funds, which had previously been only partially accounted for. For 2024 alone, this added 36.4 trillion soums to the GDP calculation, including wages (25.5 trillion) and other expenditures (10.9 trillion).

Industry and Services

The industrial sector revision incorporated data from international auditing firms, including Ernst & Young and Deloitte. Adjustments to industrial value added totaled 12.7 trillion soums for 2024, accounting for refined intermediate consumption and integration with tax data.

The services sector was also revised to include new types of activities previously unrecorded in statistics, adding 10.2 trillion soums to GDP.

Construction and Agriculture

In construction, the revision used tax service data, adjusting figures by 10.3 trillion soums.

For agriculture, rented land (approximately 252,000 hectares in 2024), outputs of family farms, and leased forest lands were included for the first time. These data were integrated through the “Mahalla” platform, providing a fuller picture of the agricultural sector’s contribution, which accounts for around 19% of GDP.

Conclusion

Khamraev emphasized that GDP revisions are standard international practice, enhancing the accuracy of macroeconomic data and improving the quality of economic planning: “Macroeconomic statistics directly affect the quality of decision-making.”