Business Activity in Uzbekistan’s Regions Strengthens — CERR

Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has released the latest results of its comprehensive monitoring of business activity across Uzbekistan’s regions.

Based on operational data from the Tax and Customs Committees, the Central Bank, and the Republican Commodity and Raw Materials Exchange for January–October 2025, a steady growth trend is observed across all key indicators.

Tax revenues show confident growth

Over the first ten months of 2025, tax revenues rose by 17.4% compared to the same period last year. The highest growth rates were recorded in the Navoi, Tashkent, and Syrdarya regions, as well as in Tashkent city, where the increase reached approximately 40%.

Customs payments grow by a fifth

Customs payments increased by 20% year-on-year. The top performers were the Syrdarya region (+81%) and the Republic of Karakalpakstan (+43%). Significant growth was also observed in Navoi, Tashkent, and Namangan regions, as well as in the capital, with an average increase of around 25%.

Exports strengthen regional positions

Analysis of foreign trade indicators shows a 14.3% increase in goods exports. Surkhandarya led the way with almost 80% growth, followed by Samarkand region with a 39% increase.

Bank lending continues to expand

From January to October, the volume of loans provided by commercial banks grew by 39.6%. The most notable increases were recorded in Syrdarya (+85.2%) and Namangan (+51%). Bukhara, Navoi, and Tashkent city also experienced growth exceeding 40%.

Exchange activity is intensifying

Trading volume on the Uzbek Republican Commodity and Raw Materials Exchange rose by 23.4% compared to last year. Activity increased across most regions, particularly in the Republic of Karakalpakstan (+38.5%), as well as in Kashkadarya and Bukhara regions, where growth reached approximately 35%.

CERR’s data indicate a continued strengthening of the regional economy and positive structural shifts, supported by rising tax and customs revenues, enhanced foreign trade activity, and increased access to financial resources.