Republic of Uzbekistan
Uzbekistan is one of the fastest-growing economies in Central Asia, combining resource wealth, demographic advantages, and ambitious structural reforms. In 2024, nominal GDP reached approximately USD 112.6 billion, with real GDP growth of around 6.5%, up from 6.3% in 2023.
Economic overview
Growth in 2024 was driven by strong domestic consumption, robust investment, and export expansion in services, food products, chemicals, gold, textiles, and machinery. Remittance inflows increased, helping to reduce the current account deficit and support household demand. The government continued fiscal consolidation, narrowing the budget deficit to about 3.3% of GDP, aided by cuts in energy subsidies and disciplined spending. Inflation remains moderate, projected at around 9% in 2025 with a downward trend.
Key economic indicators
Real GDP growth: approx. 6.5% in 2024
Nominal GDP: approx. USD 112.6 billion (2024)
GDP per capita: approx. USD 3,010 (2024)
Sector composition: services ~47%, industry ~31%, agriculture ~19%
Business environment
Uzbekistan is steadily implementing market reforms, improving the business climate, and expanding opportunities for private-sector participation. The government actively invests in infrastructure, energy, and transportation while supporting the IT sector through special programs such as IT Park Uzbekistan, offering tax incentives, startup support, and simplified visa regimes for specialists.
Key sectors for investment
Export-oriented industries: metals, textiles, agriculture, services, and manufacturing
Infrastructure, energy, and transport: large-scale public investment programs
IT and digital economy: supported by government incentives and innovation hubs
Investment advantages
Sustained high GDP growth and rising income per capita
Strong political commitment to modernization and diversification
Expanding infrastructure and logistics connectivity in the region
Outlook
Economic growth is expected to remain strong, with projections around 6–6.5% in 2025–2027, supported by reforms, export diversification, and active investment in key sectors.
Conclusion
Uzbekistan offers a compelling environment for investors seeking opportunities in a growing and reform-oriented economy. Infrastructure, IT, manufacturing, and export sectors hold particularly high potential.
If you are interested in exploring business and investment opportunities in the United Arab Emirates, EurAsia Gulf is well-positioned to assist you. Our extensive network of connections within both government and private sectors allows us to provide you with valuable insights and guidance. Our team of experts is dedicated to offering tailored consultations to meet your specific needs.
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