Tashkent, Uzbekistan (UzDaily.uz) — Real wages in Uzbekistan rose 10.9% year-on-year in January-June 2026, the highest rate in recent years. Nominal wages increased 18.4%, with average monthly pay reaching 7.1 million soums. At the same time, the number of vacancies posted by businesses fell 9.8% year-on-year in the second quarter. The Central Bank of Uzbekistan reported these figures.
The data are presented in the labour market review for the second quarter of 2026, prepared by the regulator’s Monetary Policy Department.
Income growth driven by slower inflation
The gap between nominal and real wage growth narrowed significantly and stood at 7.5 percentage points as of 1 July 2026. The Central Bank attributed this to slower inflation amid tighter monetary conditions and relatively stable nominal wage growth. Thus, real household incomes are increasing not because wages are rising faster, but because price growth has slowed.
According to the regulator, stable nominal wage growth may also be explained by labour supply expanding faster than demand. Higher real incomes could support consumer demand in the future, which in turn could increase inflationary pressures.
Where wages are highest
The highest average wages in the first half of the year remained in finance and insurance, at 19.1 million soums, and information and communications, at 17.4 million soums. The lowest were recorded in agriculture, at 3.5 million soums, and social services, at 4.7 million soums. Wages grew fastest in transportation and warehousing, at 22.8%, followed by social services at 20.2% and construction at 19.9%.
According to the Central Bank, the notable acceleration in wage growth in construction, industry, transportation and warehousing indicates strong demand for labour in these sectors and greater competition among employers for skilled workers. At the same time, wages are growing faster in several lower-paid sectors, particularly social services and agriculture, while growth has stabilized in the highest-paid industries. This indicates a gradual narrowing of the income gap.
Wages across regions
Real wages increased significantly across all regions in 2026, while the differences observed in 2024–2025 narrowed. In the second quarter, the highest growth was recorded in Jizzakh region at 13.3%, Namangan region at 11.8% and Tashkent at 10.7%. The lowest growth was recorded in Andijan region at 7.9% and the Republic of Karakalpakstan at 8.6%.
Fewer vacancies, more resumes
Demand for labour weakened during the period. The decline in vacancies in the second quarter was mainly recorded in retail trade, which accounted for a 3.8 percentage-point decline, manufacturing at 1.6 percentage points and other areas at 2.4 percentage points. Alternative sources, including hh.uz, also recorded slower vacancy growth, although the positive trend in the labour market continued.
Online job-search activity shifted to seasonal growth in the second quarter. According to hh.uz, the number of active resumes increased 31.5% year-on-year in the first quarter and 17.6% in the second quarter. The growth in resumes is significantly outpacing vacancy growth, which the regulator said indicates a widening gap between labour supply and demand and stronger competition in the labour market.
Businesses become more cautious about hiring
A Central Bank survey of businesses confirms this trend. The share of companies expecting an increase in the number of jobs began declining in April, falling from 40% in March to 34% in June. The share of entrepreneurs expecting job cuts increased from an average of 6.6% in the first quarter to 9.2% in the second quarter. Companies in industry and construction expect employment to decline compared with the previous year, while those in services and trade expect it to increase.
According to the regulator, this shift in labour demand from capital-intensive production sectors toward labour-intensive services could slow labour productivity growth in the medium term and maintain pressure on wages and prices in the services sector.
Employment at a four-year high
Employment indicators remain high. In the first quarter of 2026, the number of employed people increased 5.2% year-on-year, the highest rate in four years. Growth was driven mainly by industry and services, particularly information and communications, finance and insurance. Industry contributed 1.1 percentage points to the increase, while construction contributed 0.7 percentage points. Employment in agriculture continued to decline, indicating an ongoing shift of labour into more productive sectors.
In the second quarter, the decline in unemployment and increase in the number of jobs were weaker than a year earlier. The Central Bank said positive labour market dynamics continued but had slowed somewhat. The decline in vacancies could affect employment indicators in the coming quarters.
The number of operating enterprises and organizations, excluding dehkan and farming enterprises, reached 471,000 as of 1 June 2026, up 7.2% from the beginning of the year.
Remittances
Remittances from labour migrants to Uzbekistan continued to grow, although at a slightly slower pace than in 2025. In the first quarter, remittances increased 12.9% to US$3.8 billion, while in the second quarter they rose 13.1% to US$5.5 billion. Remittance flows continued to diversify by country: in January-June, transfers from Kazakhstan increased 28.2%, from the United States by 18.8%, from Türkiye by 14.2% and from South Korea by 11.4%. Transfers from Russia increased 8.8%.
Migrants choose new destinations
In January-June 2026, 1.18 million Uzbek citizens travelled to Russia for work, 13.2% fewer than a year earlier. At the same time, the number of Uzbek citizens in Türkiye, South Korea, Europe and the United States is increasing. Their combined number in these regions increased 10.1% in 2024 and 8% in 2025, reaching nearly 320,000 by the end of the year. The number of Uzbek migrants in the European Union increased 13.2% in 2025, while the number in Türkiye rose 10.7%. As of 1 July 2026, 70,000 Uzbek citizens were in Türkiye and 102,200 were in South Korea.
According to the Central Bank, reduced migration to Russia is increasing the supply of labour in the domestic market. This could slow wage growth in some sectors and reduce employers’ labour costs. At the same time, lower migration from certain regions could negatively affect household incomes and consumer demand through reduced remittance flows.
