Uzbekistan Business Activity Accelerates in March 2026

Tashkent, Uzbekistan (UzDaily.com) — The Business Activity Index (IDA), calculated by the Center for Economic Research and Reforms (CERR), reached 1,206 points at the end of March 2026, marking a 20.6% increase compared to the previous month. On an annual basis, the indicator grew by 22.7%.

An analysis of the index structure indicates positive dynamics across most components. Specifically, the number of bank account transactions for business entities increased by 4.3%, the intensity of raw material purchases on the commodity exchange rose by 46.2%, and the number of active enterprises grew by 3.8%. Meanwhile, the component reflecting trademark registrations decreased by 8.1%.

Growth in business activity was recorded in all regions of the country. The highest rates were noted in the Andijan (47.8%), Surkhandarya (43.7%), Khorezm (42.3%), and Samarkand (41.8%) regions.

During the reporting period, the number of interbank payment transactions reached 7,052.5 thousand, an increase of 292.2 thousand, or 4.3% compared to February. Positive dynamics were observed in 13 regions, with significant growth in legal entity transactions in Andijan (13.5%), Fergana (8.2%), Syrdarya (6.9%), and Surkhandarya (5.5%). Conversely, the figure for the Republic of Karakalpakstan decreased by 1.1%.

The exchange component of the IDA in March stood at 1.4621 points, a 46.2% increase. While the number of concluded transactions rose 2.1 times, the average purchase volume per transaction decreased by 14.6%. The total turnover for 34 major commodities on the Republican Commodity and Raw Materials Exchange reached 7,460 billion soums, an 18.5% increase from the previous month. Substantial growth was driven by trading volumes in nitrogen-phosphorus fertilizers (up 93.1 times), rebar (6.5 times), rolled ferrous metals (4 times), and polypropylene (3.4 times).

The component reflecting the number of active business entities reached 1.0382 points (+3.8%). The total number of enterprises increased by 2,557, reaching 511,000. Specifically, the number of large enterprises grew by 558 to 4,719, and small enterprises increased by 2.2 thousand to 417.3 thousand. However, the number of farm entities decreased by 185, totaling 89.1 thousand.

The trademark component stood at 0.9186 points, declining by 8.1%. During the reporting period, legal entities registered 395 trademarks and trade names.

Overall, the dynamics of these indicators point toward the continued recovery and expansion of business activity within the economy of Uzbekistan.