Uzbekistan's economy expands 6.8% in first half of 2025

Macroeconomic indicators

From January to June 2025, gross domestic product (GDP) is projected to have grown by 6.7–6.8%. The ministry highlighted sector-specific figures:

• Industrial production: +6.3%
• Market services: +13.5%
• Agriculture: +4%
• Construction: +9.7%

Inflation stood at 4.2% compared to the beginning of the year (vs. 5.2% in the same period of 2024), with annual inflation at 8.7% (down from 10.6%).

The state budget received 144.2 trillion UZS in revenue — a 27.8% increase from the same period last year — while spending reached 173.3 trillion UZS, a 13.1% rise.

The Fund for Reconstruction and Development allocated a total of $1.6 billion in resources.

Industrial sector

Industrial output over six months is estimated at 460 trillion soums. Major state enterprises produced:

• 56.7 tons of gold (+3.8%)
• 80 tons of silver (+16%)
• 24.7 million m² of glass (1.3× increase)
• 7 million tons of cement (+10.1%)
• 29 million m² of gypsum board (+13.4%)
• 360 million m² of yarn-based fabric (+12.3%)
• 438 million knitted garments (+9.2%)
• 112,000 tons of knitted fabric (+8.4%)

Commodity exchange turnover increased 1.3 times, reaching 82.7 trillion UZS.

By region, the highest industrial growth was recorded in:

• Jizzakh: +11.8%
• Navoi: +10.7%
• Khorezm: +9.4%
• Namangan: +9%
• Kashkadarya: +7.2%

Furthermore, 4,500 idle industrial enterprises resumed operations, adding 112 billion UZS in capacity and creating 7,000 new jobs.

Export performance

In the first half of 2025, total exports reached $16.9 billion, a 33% increase. Exports of goods and services excluding special items rose by 23% to $10.4 billion.

A total of 1,557 new enterprises began export activities, contributing $650 million in exports.

Aside from gold, growth in exports was mainly driven by:

• Fruit and vegetables: +140% (+$243M)
• Jewelry: 4.6× increase (+$170M)
• Uranium: +123% (+$97M)
• Construction materials: +117% (+$61M)
• Flour: +142% (+$55M)
• Electrical and cable equipment: +108% (+$44M)
• Pharmaceuticals: +120% (+$18M)
• Tourism services: +154% (+$705M)
• IT services: +193% (+$219M)
• Transport services: +122% (+$207M)

Regional export leaders included:

• Tashkent city: +131% (+$493M)
• Samarkand: +138% (+$129M)
• Navoi: +118% (+$97M)
• Surkhandarya: +162% (+$74M)
• Fergana: +120% (+$67M)
• Khorezm: +119% (+$39M)

Banking, finance, and investment

As of June 2025, outstanding loans to the economy totaled 618.5 trillion UZS, an 18.1% increase year-on-year. Remittances rose by 26.3%, reaching $8.2 billion.

In the first half of the year, commercial banks attracted $3.6 billion in external funding (out of a $6 billion annual plan). Over 1,300 projects each worth over $100,000 were financed, totaling $2.3 billion.

Preliminary data shows that investments in fixed capital reached 265.2 trillion UZS (+108.3%), of which 71% were foreign investments.

Uzbekistan attracted $18.7 billion in foreign investment during the first half of the year, including:

• $16.7 billion in direct foreign investments and loans
• $2 billion in foreign loans under state guarantees

Meanwhile, budget-funded investment allocations rose by 34.6% to 13.3 trillion UZS.

Agriculture

Agricultural output is expected to reach 177.1 trillion UZS, with increases in:

• Fruit: +5.3% (1.1M tons)
• Melons: +6.6% (277K tons)
• Meat: +3.6% (1.4M tons)
• Eggs: +4.4% (3.9B eggs)

Market services

Market services reached 459.7 trillion UZS, reflecting 13.5% growth year-on-year. Notable subsectors include:

• Communication & IT: +23.2%
• Financial services: +18.2%
• Transport: +13.6%
• Trade: +9.2%
• Education: +9.1%
• Accommodation & food services: +7.5%

Revenues from trade and paid services increased by 25.9%, totaling 246.4 trillion UZS.