Economy of Uzbekistan

Main article: Uzbekistan

GDP

2024: GDP growth of 6.5%

President of Uzbekistan Shavkat Mirziyoyev in mid-January 2025 reported an increase in the country's gross domestic product by 6.5% in 2024, reaching $115 billion, which is 0.5 percentage points higher than in 2023.

The volume of foreign investment in the economy of Uzbekistan increased 1.6 times to $34.9 billion. During 2024, 242 large and medium-sized projects were launched with a total value of $10 billion.

Tashkent

Presidential spokesman Sherzod Asadov published details of a conference call on his telegram channel, where the head of state noted the achievement of a record export level of $27 billion, which is a historic maximum for the country.

There are 589 enterprises operating in 22 free economic zones of the country, but only 18% of their products go to foreign markets. At the same time, 372 enterprises do not carry out export activities, which indicates a significant unused potential.

In 2024, gross domestic product increased by 6.5% and reached $115 billion, "said President of Uzbekistan Shavkat Mirziyoyev during a meeting on economic issues.

Despite the overall growth of the economy, the investment plan in the textile industry is underfulfilled by $17 million. Investments in state-owned companies Uztransgaz and Uzmetkombinat have halved, which requires additional analysis and adjustment of the investment strategy.

The meeting also noted that only 16% of goods produced in the country belong to the category of high-tech. This indicates the need for further modernization of the production sector and the introduction of modern technologies.

For comparison, Uzbekistan's GDP at the end of 2023 amounted to $90.8 billion. Thus, the country's economy has shown significant growth, largely due to an increase in foreign investment and the development of export potential.^[1]

2023: Up 6%

In 2023, the GDP of the Republic of Uzbekistan in current prices amounted to 1066.57 trillion sum. Growth compared to the previous year in real terms was recorded at 6%. When calculating in US dollars at the average exchange rate for the reporting period, nominal GDP is $90.87 billion. Such data in early March 2024 was published by the Statistics Agency of Uzbekistan.

The document says that the GDP deflator index in relation to 2022 prices amounted to 112.2%. In 2023, the sectors of agriculture, forestry and fisheries (plus 1% in relation to 2022), industry (plus 1.5%), construction (plus 0.4%) and the service sector (plus 2.6%) made a positive contribution to the growth of the republic's GDP. Thanks to the increase in net taxes on products, GDP increased by 0.5% year-on-year. Gross value added created by all sectors of the economy accounted for 94.5% of total GDP and increased by 5.9% compared to 2022. Net taxes on products in the GDP structure amounted to 5.5% - plus 7.4% on an annualized basis.

In the sectoral structure of Uzbekistan's GDP at the end of 2023, the share of the service sector amounted to 43.4% against 41.6% a year earlier. At the same time, the contribution of agriculture, forestry and fisheries decreased from 24.9% to 24.3%, industry - from 27.0% to 26.1%, construction - from 6.5% to 6.2%.

The average permanent population of Uzbekistan in 2023 amounted to 36.31 million people against 35.65 million in 2022. The report notes that in 2023, GDP per capita at current prices was recorded at 29.29 million soums, or $2495.6. A year earlier, this value was 25.15 million soums. According to estimates, in 2023, GDP growth per capita in real terms compared to 2022 amounted to 3.8%, and compared to 2019 - 13.2%.^[2]

2021: GDP growth of 7.4%

in GDP Uzbekistan 2021, it grew by 7.4%. This was announced in mid-January 2022 by the President of the country Shavkat Mirziyoyev. According to him, the economy showed a tangible boost thanks to reforms, work done in mahallas, as well as the development of entrepreneurship.

Mirziyoyev cited data according to which 100 thousand new entrepreneurs began their work in the regions. The number of self-employed persons has reached 1.2 million. This is a good indicator that allows developing a strong business community in the country, reducing unemployment and migration outflow from Uzbekistan, said economist, head of the department of the Institute of CIS Countries Aza Migranyan.

Entrepreneurship is an unconditional competitive advantage of the Uzbek side, explains Migranyan.

She added that the industrial sector will take the lead. These are the automotive industry, oil and gas chemical sectors, nuclear power, as well as the processing of agricultural raw materials (cotton, fruits and vegetables).

In December 2021, at a meeting chaired by President Shavkat Mirziyoyev, it was reported that GDP growth in 2021 was 7%, industry - 9.5%, services - 9.5%, construction - 6%, agriculture - 4. The inflation rate was recorded below 10%.

The Ministry of Finance of Uzbekistan notes that the key factors in economic growth are the growth of the services, production and natural resources sectors, economic recovery of the main trading partners, investment programs and reforms of state enterprises.

The expert expects an increase in tax revenues as the "shadow" economy shrinks and the state of state enterprises improves. Foreign assets of the government and gold and foreign exchange reserves of the Central Bank are one of the factors supporting the fiscal and external position of the country.^[3]

2019: Digital economy's share of GDP rises to 2.2%

GDP Uzbekistan According to the results of 2019, the share of the digital economy in 2.2% amounted to 10.9% against USA 10% in, China in and in the 5.5% century. India Information technologies are increasingly developing in the country, but the pace could be higher if not for a number of barriers.

Due to the weak digital infrastructure and lack of digital skills in the country, digital trade is developing at a weaker pace in Uzbekistan. For example, the decree of the President of Uzbekistan Shavkat Mirziyoyev notes that there is an insufficient level of online trade and trading platforms in the republic.

According to the presidential decree, by 2023 it is planned to double the share of the digital economy in Uzbekistan's GDP. To do this, according to the instructions of the head of state, they will modernize the digital infrastructure, introduce information and communication technologies in all spheres of life, and also develop digital entrepreneurship.

By the end of April 2020, Uzbekistan continues to widely implement the Electronic Government system, designed to ensure openness, transparency and efficiency in all areas, in particular, the provision of 178 services through the Unified Portal of Interactive Public Services, which saves time and reduces the costs of the population.

 The construction of the Technological Park of Software Products  and Information Technologies is underway. In 2020-2024, it is planned to organize branches of the technopark  in 14 regions, triple the number of residents and increase the number of workers to 40 thousand.

 In 2020-2021 , all medical institutions, schools, kindergartens and villages in Uzbekistan plan to connect to the fast Internet, and by 2023 the authorities want to increase the volume of local software exports to $100 million a year, and the share of electronic public services by 2022 - up to 60%.^[4]

National debt

2023: State debt - 34% of GDP

2017: State debt - 24% of GDP

National Investment Fund of Uzbekistan (NIF)

2025: National Investment Fund of Uzbekistan is placed under the management of the American Franklin Templeton

The National Investment Fund of Uzbekistan (NIF) in February 2025 attracted Franklin Templeton, a Singapore-registered company, as manager. It is a subsidiary of Franklin Templeton Investments, Inc., founded in 1947 in the United States.

At this time, Franklin Templeton operates in more than 30 countries. The company will manage the investment portfolio, which includes shares of 18 state-owned companies and banks. In fact, it was for this task that the NIF was created in September 2024.

The tasks of the Singapore branch will include preparing the fund and enterprises from its portfolio for placement on local and foreign exchanges, for which the holding will revise the strategies of companies, develop and implement programs for their transformation.

Banks

Main article: Banks in Uzbekistan

Remittances

2024: Remittances from Russia to Uzbekistan up 29% to $11.5 billion

In January 2025, it became known that the volume of remittances from Russia to Uzbekistan in 2024 increased by 29% compared to 2023, reaching $11.5 billion. This amounted to 77% of the total volume of all transfers received to the republic from abroad.

According to the Central Bank, Uzbekistan the total volume of remittances to the country from abroad in 2024 amounted to $14.8 billion, which is 30% more compared to the previous year. It is noteworthy that a significant share is made up of transfers from Russia. Representatives of the Central Bank explain the growth in the volume of transfers by positive trends in the field of labor migration, which has become the main factor in the growth of cash flows.

Tashkent, Uzbekistan

In particular, the increase in the volume of transfers is directly related to economic activity in countries receiving labor migrants, as well as to an increase in labor demand in these countries. In addition, wage growth was recorded in host countries, which also contributed to an increase in the income of labor migrants and, accordingly, money transfers.

According to the Central Bank of Russia, in 2024, economic activity in the host countries of labor migrants, including an increase in the share of highly paid workers, influenced the growth of transfers to Uzbekistan. The regulator also predicts that in 2025 the volume of remittances to the country may grow by 12%, amounting to about $17 billion, which is explained by the expected increase in wages in countries accepting Uzbek migrants.

According to the Uzbek side, the number of citizens of the republic temporarily working abroad decreased by a third in 2024, amounting to 1.14 million people. It is noteworthy that in the summer of 2024 there were about 1 million labor migrants from Uzbekistan in Russia. Despite this, transfers from Russia remain an important source of income for migrant families, which further contributes to economic stability in the republic.^[5]

2022: Transfer of a record $14.5 billion from Russia

In 2022, individuals sent record volumes of remittances from Russia to neighboring countries amid the conflict in Ukraine.

The volume of remittances from Russia to Uzbekistan in 2022 amounted to $14.5 billion - over the year it increased 2.6 times.

Inflation

2022: Inflation in November - 12.2%

Incomes of the population

2024: Median salary - $387

As of the beginning of 2024, the average wage in Uzbekistan was 4.5 million soums, which is equivalent to $387 US. Over the past five years, this figure has grown significantly, almost doubling compared to 2019, according to a study by digital hub Wunder Digital.

According to surveys, 21% of the population is not experiencing financial difficulties. More than half of residents can afford to buy household appliances, although they face difficulties acquiring a car or real estate. Less than a third of respondents report difficulties with buying equipment or clothing.

2023: Minimum wage - $172

Natural resources

For 2018:

• Uzbekistan ranks fourth in the world in gold reserves, second only to South Africa, the United States and Russia.

• Uzbekistan is among the top ten leaders in terms of tungsten reserves and mining.

Uranium ore mining

Main article: Uranium (market)

2023

2022: World No. 5 in uranium mining with 3,300 tons

2018: World No. 7 for uranium deposits

In 2018, Uzbekistan ranks seventh in the world in terms of uranium deposits.

Gas production

For 2018, Uzbneftegaz JSC ranked 11th in the world in terms of natural gas production. But reserves of natural gas and coal are depleting: according to the Center for Economic Research of Uzbekistan, they will last - with the current consumption of resources - for the next 20-30 years, while oil reserves are practically depleted.

The volume of gas production in 2021 in Uzbekistan amounted to 53.8 billion m3. Exports to China amounted to 8 billion m3, to Russia - 4.5 billion, to the southern regions of Kazakhstan - 2.5 billion, to other countries of Central Asia - 500 − 550 million m3. But due to the lack of investment in field development, production volumes are falling.

In the winter months, the gas shortage in the republic reaches 20 million m3 per day.

For 2022, Kazakhstan and Uzbekistan are striving to comply with sanctions imposed by the United States and its allies against Russia after the start of a special operation in Ukraine, in exchange for investments in the oil and gas sector by multinational corporations.

Oil production

Alcohol market

Minimum age to purchase alcoholic beverages

IT and telecom market of Uzbekistan

• E-Government of Uzbekistan
• ICT market of Uzbekistan
• Cellular communications (Uzbekistan market)
• Electronic payment systems in Uzbekistan

Social networks and instant messengers

2024:70% of the population of Uzbekistan uses Telegram

More than 70% of the population of Uzbekistan uses Telegram. The creator of the messenger Pavel Durov announced this on June 30, 2024. Read more here.

2023: Telegram and YouTube lead in number of users

Telegram is the most popular messenger in: 94% Uzbekistan of respondents use it (according to data as of September 2023). Despite the lack of monetization in, it remains to the country YouTube the leader among the video, hostings which is used by 66% of respondents. Among (social networks Instagram recognized extremist and blocked in) RUSSIAN FEDERATION occupies a leading position. Such data in August 2024 were shared by representatives of the digital hub Wunder Digital.

Users of social networks and instant messengers in Uzbekistan use these platforms for various purposes. The main activities include watching video content, which is done by 57% of users, and reading posts - 61%. Also, social networks are used to meet and observe the lives of other people, place orders for the purchase of goods and services.

The age portrait of the social media audience is as follows:

The most active users are men, and the audience under the age of 35 is mainly on Instagram (recognized as extremist and blocked in the Russian Federation).

10.3 million people, which is 45% of the total Internet audience in Uzbekistan, watch videos on the YouTube platform. The average viewing time per day is 20 minutes, with 58% users in the age group from 25 to 44 years. Content is mainly consumed from mobile devices (96%), and the most active geographical region is Tashkent.

In 2023, the number of Instagram users (recognized as extremist and blocked in the Russian Federation) in Uzbekistan increased by 53%. At the same time, the audience of Odnoklassniki and VKontakte decreased by 8%. The growth of users can also be noted Facebook (the social network is recognized as extremist and blocked in the Russian Federation) (+ 25%) and LinkedIn (+ 31%).

Telegram is the most popular messenger among Internet users. In the country, 18 million people use it, which is 78% of the total number of Internet users. Telegram also created 64 thousand Uzbek channels.

Internet access (Uzbekistan market)

2023: Number of Internet users in Uzbekistan - 30 million

According to state Uzbekistan the Committee on Statistics of the Republic, the number of Internet users Uzbekistan in by the end of 2023 reached about 30 million, of which 26.5 go online with. mobile communication The penetration rate Internet among the population aged 7 to 69 years is 91%, and the mobile internet is 78%. The annual growth of Internet users in general for 2021/2022 was 16%, and mobile Internet users - 14%. Such data in August 2024 were shared by representatives of the digital hub Wunder Digital.

56.4% of Uzbekistan's internet users live in the eastern region of the country. The largest regions in terms of the number of users are Tashkent (20% of the total), Fergana (12.8%) and Samarkand (9%).

According to gs.statcounter.com and speedtest.net as of December 2023, a turning point occurred in the Uzbekistan market in 2020: the number of web traffic from mobile devices exceeded traffic from desktops. This trend continues to this day, with a distribution of 71% to mobile devices and 29% to desktops. The average download speed of wired Internet in the country is 55 Mbps, and mobile - 25.2 Mbps.

In 2023, the interests of users are as follows: reading news ranks first, attracting 66% of all respondents. In second place is the use of social networks, which is of interest to 47% of users. A stable interest remains in listening to audio and video online (32%) and using search engines (29%). But interest in online learning decreased in 2023 from 24% to 20%, which marks a change in trends among users compared to previous years.

The main sources of information for the population are TV (94%), the Internet (90%), radio (63%) and the press (43%). However, over the past three years, the share of daily television viewers has decreased by 19%, while the number of daily internet users has increased by 21%. The daily audience of radio listeners also showed a slight increase (+ 16% by 2019).

Depending on the age, the preferences of the audience on the choice of media for obtaining information differ significantly. So, according to INTERNEWS Media Consumption (September 2023, Uzbekistan, sample: 1018), young people aged 14-29 prefer to search for information on the Internet and on social networks. The older generation, 46 +, is more prone to reading newspapers and magazines, listening to radio and watching television.

Language choice when consuming information in Uzbekistan shows that more than 60% of cases of information in the Uzbek language are available through traditional channels (TV, radio, press). On the Internet and social networks, according to INTERNEWS Media Consumption (September 2023, Uzbekistan, sample: 1018), this figure is slightly lower, it is 59% for sites and 62% for social networks, respectively. This suggests that the majority of the audience prefers to consume information in Uzbek both offline and online communication channels.

Among local sites, the most popular are: Kun.uz (5.5 million visits per month), Yandex.uz (4.6 million), Olx.uz (4.45 million), Gazeta.uz (4.2 million), Daryo.uz (4.2 million).

Internet trading (Uzbekistan market)

2023: Market CAGR to 2026 - at 47%

E-commerce business in Uzbekistan is in a period of active growth, foreshadowing a CAGR of + 47% until 2026 (as of August 2023). Such data in August 2024 were shared by representatives of the digital hub Wunder Digital. The expected e-commerce turnover by 2027 will amount to $2.2 billion, which will be 11% of the total retail market, compared with 2% in 2022.

Among the most popular shopping apps are Uzum Market, OLX, Alibaba, Wildberries, Taobao and Korzinka. And the rating of purchases on the Internet in Uzbekistan by category is as follows:

The younger generation plays a key role in the development of e-commerce: 47% of the population of Uzbekistan are people aged 15 to 45 years. Other growth factors for e-commerce also include internet availability, connection speed, the spread of smartphones and mobile banking, as well as government support and socio-economic changes such as economic growth and urbanization.

A favorable tax environment for e-commerce also has a positive impact, including a tax on online income of 2% (compared to 4% for traditional trade), as well as the Uzum business model, which stimulates the development of the sector. One in three orders for Uzum Market are paid in installments from Uzum Nasiya.

International players such as Wildberries and ZoodMall are already actively working in the Uzbek market, which demonstrates interest in regional potential and growth opportunities in e-commerce.

Space connection

2024: Russian President Vladimir Putin orders to open access to GLONASS to Uzbekistan

On September 19, 2024, the president Russia Vladimir Putin ordered to open To Uzbekistan access to the Russian GLONASS satellite navigation system. We are talking, in particular, about signals of high accuracy. More here

Biometrics

Main article: Biometrics in Uzbekistan

Electronics production in Uzbekistan

Main article: Electronics production in Uzbekistan

Media and advertising

2023: Growth in investment in the media market by 46% thanks to the arrival of large advertisers

Since 2018, the volume of investments in the media market of Uzbekistan has been constantly increasing, although the growth rate has been uneven, ranging from 15% to 46% annually. In 2023, the market grew 46%, made possible by the arrival of large advertisers, including significant expansion in the digital space. The trend towards the entry of international players into the local market continues in 2024, which contributes to the further development and increase in investment in the media market of Uzbekistan. Such data in August 2024 were shared by representatives of the digital hub Wunder Digital.

The structure of advertising investment is as follows:

The main points are:

• Television continues to dominate the advertising market, as demand among advertisers significantly exceeds supply.
• Online advertising has become an independent and effective tool for small and medium-sized businesses. The arrival of large players in the market pushed up investment in the digital segment.
• The transition to LED-monitors contributed to the significant growth of the outdoor advertising segment, attracting more advertisers.
• Radio holds its share thanks to an increase in the number of cars owned by the population, despite its low performance.
• Print media has all but disappeared from the advertising market, giving way to more modern advertising formats.

The volume of investment in the digital sphere of Uzbekistan in 2024 is projected to reach a record 406 billion soums, continuing the sharp growth that began in 2022. The main drivers are banner advertising, especially on the DV360 platform, and online video, which is becoming more and more popular among large advertisers. A significant part of the advertising inventory is placed in mobile applications.

Telegram remains the most popular resource for advertising, and the launch of ads through Telegram Ads is rapidly gaining popularity. The search ad segment is dominated by Google, holding 74% of the market. However, the lack of monetization on YouTube and the ability to advertise on TikTok limits the use of these platforms for advertising purposes.

The majority of respondents (50%) have a positive attitude towards advertising in online media, as well as digital advertising (49%). A third of the respondents expressed a positive perception of contextual advertising (36%) and outdoor advertising (36%). 52% of respondents called videos the most memorable advertising format.

As for advertising platforms, the distribution of them in the country looks like this:

The DV360 platform has the largest volume of active accounts and is an effective tool for coverage campaigns.

Industry

2024: The Dagestan company opened a plant for the production of textile fiberglass in Uzbekistan. 100 million rubles invested in it

The Dagestan company, together with Uzbek partners, opened a factory for the production of textile fiberglass in Uzbekistan. Investments in the project amounted to ₽100 million. This was announced in August 2024 by the government of Dagestan, stressing that the President of Uzbekistan Shavkat Mirziyoyev and the Minister of Industry and Trade of Dagestan Nizam Khalilov were present at the grand opening of the enterprise. Read more here

Power

NPP

• Small Power Nuclear Power Plant (ASMM) in Uzbekistan

2024: Russia's Inter RAO fails to start exporting electricity to Uzbekistan due to infrastructure wear in Kazakhstan

Russian energy holding Inter RAO was unable to begin electricity supplies to Uzbekistan planned for the fall.

This was announced to TASS in October 2024 by Alexander Panin, a member of the board of Inter RAO. She noted that transit is hindered by the low throughput capacity of Kazakhstan's networks.

The high percentage of deterioration of Kazakhstan's energy infrastructure creates problems not only within the country, but also hinders economic cooperation in the region.

Earlier at the Eurasian Economic Forum - 2024, the chairman of the Kazakhstan Electric Power Association Talgat Temirkhanov said that average wear is 65% of generation, and on networks it is 80%.

Due to its own investments in the amount of 10 trillion tenge, Kazakhstan plans to reduce the percentage of generation depreciation to 50%.

2020: Low per capita energy consumption

and

Agriculture

2019: Cotton exports halted

Uzbekistan is the main supplier of cotton in the Russian Federation, in 2019 it closed the export of cotton fiber, sending the entire volume produced to the domestic market. Similar "cotton" policy began to be pursued from 2020/21. other countries of Central Asia, including Kazakhstan. Azerbaijan so far refrains from a similar course, but the cotton harvest there is many times less than Central Asian.

Later, the PRC stopped exporting the same products, "referring to its shortage for its own needs."

Market participants in Russia report that at the end of July 2022, a critical situation developed in one of the main industries of the Russian light industry - cotton. Many of her enterprises are on the verge of stopping due to the exhaustion of raw cotton and cotton yarn. The demand for these products is provided by more than 90% of imports.

Logistics

2024: Connecting to India's transport corridor through Iran

While the countries of the Central Asia (CA) are breaking through the logistics routes through Afghanistan to, Pakistan India through Iran Turkmenistan and laying their own route. The first 20 containers have already arrived in, as Uzbekistan reported by Turkmen railway workers in August 2024. At the same time, this route only partially uses the infrastructure of the North-South MTK.

The corridor from India to the CA also became one of the topics at the meeting of the foreign ministers of all five countries on August 28-29 in New Delhi - this is the first meeting in a similar format.

New Delhi's intentions are clear: it does not want to depend either on an unstable Afghanistan or on an old geopolitical rival in the person of Islamabad, at the same time getting the opportunity to cause trouble to Beijing.

Iran finds itself at the crossroads of several trade routes at once, while against the port of Chabahar, where Indian cargo is delivered, Washington does not even impose sanctions, not wanting to repel New Delhi from itself.

For Russia, this is a project with a rather contradictory effect that requires careful analysis and skillful diplomacy, wrote Rybar. Because on the one hand, it creates opportunities to balance Chinese influence in the region, growing as the Belt and Road Initiative is implemented.

On the other hand, this corridor fulfills the task set in Washington a month ago - to make Central Asia less dependent on Russia and China by providing it with an alternative trade route.

2023: Transport corridor to Russia via Turkmenistan

From July 2023, Uzbekistan and Kyrgyzstan can use the new multimodal transport corridor to Russia and back bypassing Kazakhstan through the Caspian Sea.

Tourism

2024: Russian tourist flow to Uzbekistan increased by 20% over the year and reached 870,000 people

The number of tourists from Russia who visited Uzbekistan in 2024 increased by 20% compared to 2023 and amounted to 870 thousand people. This was announced in January 2025 by the chairman of the tourism committee of the republic Umid Shadiev. According to him, in 2025 it is planned to further increase the tourist flow from Russia, which will overcome the mark of 1 million trips.

According to the Prime agency, the Uzbek authorities are actively working to attract tourists from Russia, developing new routes and improving the conditions of stay. As part of the cooperation program between Russia and Uzbekistan, signed in May 2024 during the visit of Russian President Vladimir Putin, a roadmap for the development of bilateral tourism is being implemented, including 12 key areas. The cooperation program, signed in 2024, includes infrastructure development, the creation of joint tourism products and advertising campaigns.

Tashkent

According to the publication, in 2024, Russian tourists took fourth place in the number of visits to Uzbekistan, second only to the citizens of Kazakhstan, Tajikistan and Kyrgyzstan. In total, 10.2 million foreign tourists visited the country, which is 1.5 times higher than in 2023. In 2025-2026, within the framework of bilateral cooperation, it is planned to further expand tourist exchange, which, according to the Ministry of Economic Development of Russia, will increase the mutual flow of travelers by 40% by 2027, reaching 2 million trips per year.

Shadiev noted that the tourism committee actively interacts with the Russian regions to create favorable conditions for travelers. In 2024, as part of the Year of Tourism of Uzbekistan in Russia, a number of events were held aimed at popularizing the cultural heritage of the republic, which contributed to an increase in the interest of Russian tourists.^[6]

2023: Tourist flow to Uzbekistan soared by 48% to 32.4 million trips thanks to Russians

On December 2, 2024, it became known that the volume of the tourism market in Uzbekistan in 2023 reached 32.4 million trips, an increase of 48% compared to 2022. Such data are provided in a market study prepared by BusinesStat. A significant part of this growth is due to the increase in the number of tourists from Russia, which strengthened the country's position as a popular travel destination.

According to BusinesStat, in the period from 2019 to 2023, the tourism market of Uzbekistan showed recovery and growth after the pandemic recession. If in 2019 the volume of tourist flow was 29.9 million trips, then in 2020 it fell by 82%, reaching 5.3 million trips. However, already in 2021, the market began to recover, increasing by 90% to 10.1 million trips. In 2022, the growth was 116%, and the number of trips reached 21.8 million, and in 2023 the volume increased by another 48%, setting a record figure of 32.4 million trips.

The main factors in the growth of tourist flow were the development of domestic tourism, the intensification of cross-border travel and the restoration of international tourism. In 2021, Uzbekistan focused on stimulating domestic travel by launching advertising campaigns, offering discounts and creating new routes. In 2023, an additional incentive was the introduction of a cashback program for domestic travel, which attracted the attention of local tourists.

An important contribution to the growth of international tourism was the resumption of cross-border travel with neighboring countries such as Kazakhstan, Kyrgyzstan and Tajikistan, where large Uzbek diasporas live. In 2022, after the restrictions were lifted, the number of such trips increased 2.7 times compared to 2021.

The increase in the number of tourists from Russia was especially noticeable. According to the statistics agency of Uzbekistan, 714.2 thousand Russians visited the country in 2023, which is 25.8% more than in 2022. The increase is due to the simplification of entry conditions, increased transport accessibility and attractiveness of prices. According to the recommendations of the World Tourism Organization, the goals of such trips include rest, visiting relatives, studying, treatment and business trips.^[7]

Foreign trade

Trade between Russia and Uzbekistan

Main article: Trade between Russia and Uzbekistan

2024: Rising imports from China at the beginning of the year

2023

Export of IT services in 3 years increased 22 times to $344 million

According to the results of 2023, the export of IT services from Uzbekistan reached $344 million. For comparison, in 2020 this figure was estimated at $16 million. Thus, in three years, the volume of exports increased by about 22 times. This is stated in the materials of IT Park Uzbekistan, with which TAdviser got acquainted in early October 2024. Read more here

Sharp rise in imports from China

Foreign investment

2024: Growth in foreign direct investment in the economy by 53.6% to $11.9 billion

In 2024, the volume of foreign direct investment in the economy of Uzbekistan reached $11.9 billion. This is 53.6% more than in the previous year, when the figure was estimated at $7.7 billion. Such data at the end of January 2025 was published by the Central Bank of the Republic of Uzbekistan.

It is said that the share of foreign direct investment in the structure of Uzbekistan's GDP in 2024 amounted to 10.3% against 7.9% a year earlier. Fixed asset investment increased on an annualized basis by 27.6%. The main growth fell on non-centralized investments (plus 32.8%), the share of which in the total volume rose by 3%, exceeding 90%.

Tashkent

The dynamics of the volume of investments in fixed assets over the past five years (until 2024 inclusive) indicates that over the years they have increased by almost 2.3 times. As for the growth rates over the past five years, they tend to increase. So, if in 2021-2022 the growth was 102.9-100.2%, then over the past two years (2023-2024) their high rates are noted - 123.4% and 127.6%, - said in the materials of the Statistics Agency under the President of the Republic of Uzbekistan.

The report says that during the first three quarters of 2024, the volume of foreign direct investment in the economy of Uzbekistan remained stable - about $2.7 billion quarterly. However, in the last quarter of the year, the figure rose to $3.87 billion, which is a record value from 2021. The previous maximum was recorded in the fourth quarter of 2023 - $3.41 billion.

In 2024, the volume of cross-border remittances in Uzbekistan reached $14.8 billion, which is 30% more compared to 2023. The Central Bank notes the impact of the high volatility of the Russian ruble on the slowdown in international shipments. The difference between the sale and purchase of foreign currency by the population doubled to $6.7 billion.^[8]

2023: Russia leads in creating companies in Uzbekistan in the first quarter - 243

Russian business created 243 enterprises in Uzbekistan in the first quarter of 2023 - this is the largest indicator among countries whose companies created enterprises with foreign investments in the republic. The top three also included Chinese investors (118 enterprises in January-March) and Turkish (67).

2022: Russia is the leader in the number of enterprises created in Uzbekistan

In 2022, Russian business created 967 enterprises in Uzbekistan. With the participation of Russian business, 3,156 organizations operate (20% of the total number of enterprises operating in the country with foreign capital).

R&D

2020: R&D expenses - $345 million

Consumption

Meat

2023: Beef is the most consumed type of meat

2019: Beef is the most consumed type of meat

Notes