Uzbekistan Aims for US$150 Billion GDP in 2026, President Chairs Economic Review Meeting

Tashkent, Uzbekistan (UzDaily.com) — On 27 October, under the chairmanship of President Shavkat Mirziyoyev, an expanded meeting was held to review the country’s economic performance in 2025 and discuss key macroeconomic targets for 2026.

In January–September 2025, Uzbekistan’s economy grew by 7.6%, significantly exceeding forecasts. Industrial output rose by 6.8%, construction by 14.2%, services by 14%, and agriculture by 4.1%. Foreign exchange reserves increased by 35% year-on-year, reaching US$55 billion.

International rating agencies have positively assessed the country’s economic outlook: Fitch Ratings upgraded Uzbekistan’s sovereign rating for the first time, while Moody’s and S&P Global revised their outlook from “stable” to “positive.”

President Mirziyoyev emphasized that improving citizens’ welfare remains a key result. Household incomes increased by 18.4%, deposits grew by 35.3%, and the average salary rose by 19.2%. Surveys indicate growing confidence among the population and businesses, expanding employment opportunities and income levels.

Looking ahead to 2026, the government plans to ensure 6.6% economic growth, raise GDP to over US$150 billion, invest at least 400 trillion soums from all sources into the economy, and keep inflation below 7%. The President noted that all necessary conditions have been created to achieve these goals and highlighted areas requiring increased attention from ministry, sector, and regional leaders.

The 2026 budget will maintain existing tax rates, with a focus on steadily increasing revenues and strict control over expenditures. Leadership performance will be evaluated based on cost reduction and efficiency improvement.

Key priorities include lowering production costs, enhancing competitiveness in strategic sectors, expanding private sector participation, reforming dividend policies of state-owned enterprises, assessing subsidy and incentive effectiveness with elimination of inefficient measures, curbing the shadow economy, and expanding the revenue base of local budgets. Accelerating projects with international financial institution funding will be prioritized, with new projects financed only after completion of ongoing ones.

Half of the remaining balances in extrabudgetary funds of ministries and agencies will be directed to a special fund for school construction and healthcare development. The meeting concluded with approval of the main directions of the 2026 state budget.