Uzbekistan's GDP Grows by 8.5% in First Half of 2026

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Gross Domestic Product (GDP) reached 1,072.7 trillion soums in January–June 2026, increasing by 8.5% in real terms compared to the same period last year. The figures were disclosed in a press release issued on July 28 by the National Committee of the Republic of Uzbekistan on Statistics.

The services sector made the largest contribution to economic expansion, adding 4.4 percentage points (p.p.) to total GDP growth. Overall service volume expanded by 9.2%, within which trade (including accommodation and food services) grew by 13.5%, and transportation, storage, information, and communication jumped by 18.6%. Industrial output added 2 p.p. to GDP with an 8% sector expansion, agriculture, forestry, and fisheries contributed 0.7 p.p. with a 4.7% increase, and construction contributed 1 p.p. following a 13.7% rise in work volume. Net taxes on products grew by 8.3%, adding a further 0.4 p.p. to the total growth.

Industry: Engineering Surges Amid Transport Equipment Decline

Industrial enterprises across the country produced output worth 637.2 trillion soums, yielding an industrial production index of 108%. Manufacturing dominated the sector's structure with an 86.3% share, followed by mining and quarrying (6.7%) and electricity and gas supply (6.5%).

The largest drivers of manufacturing growth were machinery and equipment manufacturing (not elsewhere classified), which rose by 67.5%, wooden and cork products (+48.3%), and computer, electronic, and optical products (+36.8%). Conversely, the production of other transport equipment contracted by 6.5%.

Agriculture: Driven by Grain, Potatoes, and Melons

Output in agriculture, forestry, and fisheries totaled 271 trillion soums, up 4.7%. This was primarily driven by a 3.8% increase in agricultural crop production, bolstered by higher harvests of vegetables (+6.7%), grain (+13.8%), potatoes (+15.5%), and melons (+18.2%). Smallholder and household farms accounted for 66.2% of total agricultural production, commercial farms generated 24.4%, and large agricultural organizations accounted for 9.4%.

Inflation Accelerated by Housing Services and Food

Consumer sector inflation stood at 3.3% for the first half of the year. Food items rose in price by 2.4% (contributing 0.99 p.p. to inflation), non-food goods increased by 3.9% (1.25 p.p.), and services climbed by 4.1% (1.08 p.p.). The steepest price increases relative to December 2025 were recorded in insurance and financial services (+43.6%), while educational services saw the smallest change (+0.4%). The primary contributors to overall price growth were "Housing services, water, electricity, gas, and other fuels" alongside "Food and non-alcoholic beverages," which together accounted for 60.2% of total inflationary impact.

Investment Surges on Foreign Capital

Fixed capital investments from all sources reached 338.9 trillion soums, representing a 17.5% increase. Foreign direct investment (FDI) and loans formed the largest share, accounting for 69.5% of total capital expenditure (with direct FDI making up 44.3%). The fastest growth rates were recorded in allocations from the Fund for Reconstruction and Development (+101.7%), the Republican Budget (+53.2%), and state-guaranteed foreign loans (+45.4%).

Construction Up Nearly 14%

Total construction volume amounted to 192 trillion soums, a 13.8% real increase. Small businesses and micro-enterprises carried out the bulk of the work at 55.1%, large enterprises accounted for 25.1%, and the informal sector generated 19.8%.

Retail Sales Rise 20.2%, Large Chains Outpace Small Business

Retail trade turnover hit 251.8 trillion soums, expanding by 20.2%. Turnover for large enterprises grew by 30%, bringing their market share to 19.7%. Small businesses experienced a more modest 15.9% expansion, maintaining a 68.9% market share. Unorganized trade made up 11.4% of retail turnover, or 28.8 trillion soums.

Foreign Trade: Imports Outpace Exports

Foreign trade turnover reached $41,011.1 million, an increase of 7.4% ($2.83 billion). Exports declined by 8.8% to $15,862.3 million, whereas imports surged by 21% to $25,148.9 million. Goods accounted for 60.9% of exports, led by industrial products (14.6%), manufactured goods (8.6%), and food products (8.3%). Imports were dominated by machinery and transport equipment (32.8%), industrial products (13.9%), and chemical products (12.1%).

Market Services Expand 16.9%

The total volume of market services rendered reached 664.9 trillion soums, an increase of 16.9%. Trade services (+14.9%, contributing 3.9 p.p.) and financial services (+26.3%, contributing 3.8 p.p.) provided the strongest momentum, alongside transport services (+14.7%) and information/communication services (+22.1%). Among specific service categories, trade services (169.9 trillion soums) and accommodation/catering services (115.2 trillion soums) held the largest shares.

Operating Enterprises Increase to 505,400

As of July 1, 2026, there were 505,400 active enterprises and organizations in the country (excluding farm and smallholder entities), including 435,400 small businesses and micro-enterprises. Tashkent City hosted the highest concentration with 113,510 registered companies, followed by Tashkent Region (49,841) and Samarkand Region (43,874). Trade led all sectors by activity type (162,867 enterprises), followed by industry (63,312). During January–July, 45,400 new enterprises were created. The number of operating enterprises with foreign capital participation reached 20,502 units, of which 15,891 are wholly foreign-owned entities.