According to data released by the Center for Economic Research and Reforms under the President of the Republic of Uzbekistan, the country's gross domestic product (GDP) grew by 6.5% in the first half of 2024. This figure is 0.3 percentage points higher than the same period last year, indicating stable economic development.

Key drivers of growth include an 8.2% increase in industrial production, a 4.5% rise in agricultural output, and a 7.1% expansion in the services sector. Investment volume grew by 12.3%, with foreign investments reaching $1.5 billion.

Center experts note that inflation stood at 9.2%, remaining within the Central Bank's target range of 8-10%. However, analysts caution that fluctuations in global prices and rising domestic demand could exert inflationary pressure.

As part of economic reforms, measures to reduce the state sector and enhance the role of the private sector continue. In 2024, over 150 state-owned enterprises are slated for privatization. Additionally, several legislative acts have been adopted to lower the tax burden on businesses and improve the business environment.

Despite economic growth, household income growth lags behind inflation. Official data shows real incomes increased by only 4.8% in the first half of 2024, negatively impacting purchasing power. Economists argue for improving the indexation mechanism for wages and pensions to address this issue.

Source: uznews.uz