Shavkat Mirziyoyev. Photo: Press Service of the President of Uzbekistan.
Uzbekistan’s gross domestic product (GDP) exceeded $145 billion for the first time in the country’s history at the end of the year, President Shavkat Mirziyoyev said on December 26 in his address to the Oliy Majlis (parliament) and the nation, according to presidential press secretary Sherzod Asadov.
“Nine years ago, reaching an economy of $100 billion seemed like a very ambitious goal for us. This year, for the first time in our history, gross domestic product has exceeded $145 billion. Such strong results clearly show how much we, our people, are capable of achieving,” Mirziyoyev said.
He recalled that the Uzbekistan–2030 strategy set a target of reaching $160 billion in GDP by 2030. However, the current pace of reforms and business activity makes it possible to revise that timeline.
“We can realistically reach this goal as early as 2026,” Mirziyoyev said.
The president added that in 2026 Uzbekistan’s economy is projected to grow by 6.6 percent, with GDP reaching $167 billion.
To support these plans, an industrial program titled “Doubling Productivity and Efficiency” will be launched, with a focus on reducing production costs and improving energy efficiency. The Ministry of Economy and Finance will implement a separate project to boost labor productivity and energy efficiency, financed by $200 million in loans and grants from international financial institutions.
The project предусматривает the involvement of foreign technologists and engineers, the digitalization of business processes, and the проведение of energy audits. It will also include the transfer of advanced technologies and the establishment of a “Fourth Industrial Revolution Center.” The center will develop regulatory mechanisms for introducing Industry 4.0 solutions, including robotics, the Internet of Things (IoT), and smart factory technologies.
Companies will be able to test new technologies at the center before rolling them out at scale. With adequate workforce training, the economy could grow to $240 billion over the next five years, Mirziyoyev said.
The president noted that amid changes in global trade rules, Uzbekistan’s exports grew by 23 percent this year to $33.4 billion. The country’s foreign exchange reserves also reached a record level, exceeding $60 billion for the first time.
Foreign investment totaled $43.1 billion, with its share in GDP reaching 31.9 percent. These funds provide a foundation for sustained and accelerated economic growth in the coming years, Mirziyoyev said.
International rating agencies have upgraded Uzbekistan’s sovereign rating from BB- to BB.
“Because of this change alone, interest rates on resources attracted from abroad will fall by 1 to 1.5 percentage points, and external debt servicing costs will decrease by $250–300 million per year,” the president said.
Uzbekistan has also improved its position in the World Bank’s Technology Maturity Index, rising by 71 places and entering the top 10 countries, the president added.
