The International Monetary Fund (IMF) has estimated Uzbekistan’s GDP for 2023 at $101.6 billion, incorporating the country’s informal and shadow economy. This revised figure was announced during a roundtable titled “Results of Statistical Assessment of the Informal and Shadow Economy in Uzbekistan,” held in Tashkent on July 31.
In February, Uzbekistan’s Statistics Agency initially projected the country’s GDP at $90.9 billion. However, the IMF adjusted the data by including unobserved economic activities, such as those in construction, hospitality, healthcare, education, and other sectors.
According to IMF expert Levan Gogoberishvili, revisions to GDP estimates that account for the informal economy typically lead to increases of 10-12%. In Uzbekistan’s case, the revision added $10.7 billion to the GDP estimate.
Such recalibrations occur every five years, with the last one in 2019 focusing mainly on agriculture. The next revision is scheduled for 2029.
Earlier this year, Uzbekistan’s Agency for Strategic Development noted that the shadow economy accounts for 48% to 62% of various sectors. President Shavkat Mirziyoyev stated in January that losses from the shadow economy amount to nearly $11 billion in GDP and $2.4 billion in tax revenues.
