Uzbekistan’s gross domestic product (GDP) reached nearly 1.85 quadrillion soums (about $152.5 billion) in 2025, an increase of 7.7 percent compared with the previous year, according to preliminary data from the country’s National Statistics Committee.
Analysts say the main contribution to GDP growth came from the services sector and industry, which added 3.9 and 1.7 percentage points respectively. Construction contributed a further 1 percentage point.
Industrial output exceeded 1.1 quadrillion soums ($90.6 billion). Growth was largely driven by higher production in manufacturing and the mining sector. At the same time, oil and natural gas production declined slightly—by up to 4 percent compared with 2024.
The services market surpassed 1 quadrillion soums ($82.4 billion). The largest contributions came from financial services, communications and IT, trade, transport, and accommodation and food services.
The Statistics Committee also released data on other key economic indicators for January–December 2025. Consumer inflation stood at 7.3 percent, down from 9.8 percent in 2024. Food prices rose by an average of 5.4 percent, other goods by 5.1 percent. Services recorded the sharpest increase, rising by 13.9 percent and exerting the strongest inflationary pressure. This was driven in particular by higher utility tariffs and rising fuel prices.
Investment in fixed capital exceeded 591 trillion soums ($48.7 billion) in 2025, up 10.5 percent year on year. The largest source of financing was foreign direct investment and loans, accounting for nearly 66 percent of the total. This was followed by enterprises’ own funds (15.3 percent), household funds (6.3 percent), foreign loans guaranteed by Uzbekistan (5.5 percent), the state budget (4.7 percent), commercial bank loans and other borrowed funds (1.9 percent), and assets of the Reconstruction and Development Fund (0.4 percent).
Uzbekistan’s foreign trade turnover reached $81.16 billion, an increase of nearly $14 billion, or 20.7 percent, over the year. Exports totaled $33.8 billion, up 20 percent, while imports amounted to $47.3 billion, up 18.5 percent. Last year the country actively exported non-monetary gold, industrial goods, food products, and chemical substances. Imports were dominated by machinery and transport equipment, followed by industrial goods and chemical products.
As of Jan. 1, 2026, the number of operating enterprises and organizations in Uzbekistan stood at about 475,000, excluding dehkan and farm households. Tashkent led by a wide margin in the number of business entities, followed by the Tashkent, Samarkand, Fergana, Kashkadarya, Bukhara, and Namangan regions. By type of economic activity, trade accounted for the largest number of enterprises—more than 150,000. The country also has more than 18,000 companies with foreign capital, including 4,200 joint ventures and 13,900 foreign-owned firms.
