Central Bank: Uzbekistan’s Labor market shows mixed trends in Q2
Tashkent, Uzbekistan (UzDaily.com) – In the second quarter of 2024, Uzbekistan’s labor market exhibited mixed trends. Over the first two months, there was an increase in the number of job vacancies posted by employers, but in June, their number declined. This information is outlined in the Central Bank’s labor market report.
According to the labor market review, the average number of vacancies from April to June was 35,700, which is 3% lower than the first quarter figures.
The decrease in job vacancies in June may be attributed to seasonal factors such as the end of the school year and the beginning of the vacation season. Additionally, the reduction in the number of vacancies carried over from previous months indicates a rapid filling of positions and a lack of new job offers.
Online monitoring results showed a decline in activity on job search websites in the second quarter. The number of users visiting these sites in June was around 360,000, slightly below the annual and previous year’s figures. However, the proportion of visitors from abroad significantly increased from 24.6% in January-June 2023 to 40% in 2024, reflecting a high external demand for labor resources.
Preliminary analysis results suggest that the demand for labor is being met and the labor supply is stabilizing amid the normalization of wage growth.
According to the State Tax Committee, the number of individual entrepreneurs increased by 23,000, or 8.8%, to 287,000 people in the second quarter compared to the first quarter. The highest growth was observed in the household services sector (+21.3%). The growth rate of entrepreneurs in retail trade has slowed down.
The number of self-employed individuals continues to rise, reaching 3.55 million by the end of June, which is a 26% increase, or 730,000 more, compared to the first quarter. Two-thirds of self-employed individuals work in household services (41%) and agricultural services (26%), with a combined growth of 26.6% from April to June. The number of self-employed in the road transport sector increased to 530,000 (+36,000).
In the current quarter, the growth rate of nominal wages has slowed to 17.4%, while real growth stood at 7.7%. However, wages remain relatively high due to last year’s indexation and low inflation. In sectors such as services, trade (+24.6%), transportation (+20.6%), and information and communication (+23.2%), wages continue to rise. Wage growth in the construction sector has slowed since the second half of the previous year due to increased labor supply. In other sectors, such as industry, education, and healthcare, wage growth remains average.
Since the beginning of the year, the dynamics of cross-border money transfers have exceeded the Central Bank’s forecasts. For the first half of the year, the total inflow of money transfers amounted to $6.5 billion, which is 25% higher than the same period last year. This is attributed to the stability of exchange rates in countries traditionally receiving migrants, rising wages, increased economic activity, and demand for labor, as well as geographical diversification.
The external demand for labor resources continues to grow. In April-June, 3,600 new foreign job vacancies were posted. Additionally, there is an increasing offer of job opportunities for skilled workers from European countries such as Germany and Switzerland.
The expansion of labor migration geography and international diversification of the workforce has led to an increase in remittances from the USA (+43%), Germany (+64%), Poland (+93%), and South Korea (+90%).
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