According to preliminary data for the first half of 2025, the economy of Uzbekistan demonstrated strong growth. The GDP volume in current prices reached 807.9 trillion UZS ($62.7 billion), showing a real growth of 7.2% compared to the same period last year. The key drivers of growth were the services and industry sectors, and GDP per capita also increased significantly.

Main Economic Indicators

In the first half of 2025, the Gross Domestic Product (GDP) of the Republic of Uzbekistan amounted to 807,937.1 billion UZS in current prices (approximately $62.66 billion). This indicates a real growth of 7.2% compared to January-June 2024. The GDP deflator index, which reflects the average change in prices in the economy, was 112.4% for this period.

GDP dynamics for the last five years (January-June):

• 2021: 360.0 trillion UZS, growth of 108.4%
• 2022: 441.5 trillion UZS, growth of 104.5%
• 2023: 527.7 trillion UZS, growth of 107.1%
• 2024: 670.1 trillion UZS, growth of 106.6%
• 2025: 807.9 trillion UZS, growth of 107.2%

Structure and Growth by Sector

Economic growth was driven by positive dynamics in all key sectors. Gross Value Added (GVA) created by the economic sectors accounted for 95.2% of the total GDP and grew by 7.3%. Net taxes on products constituted 4.8% of the GDP structure, showing a growth of 6.5%.

Changes in the sectoral structure of GDP (share in GVA) for January-June 2025 compared to 2024:

• Services sector: increased from 50.6% to 51.4%.
• Industry: increased from 26.2% to 26.6%.
• Agriculture, forestry, and fishery: decreased from 15.6% to 14.6%.
• Construction: decreased from 7.6% to 7.4%.

Industry

GVA in industry reached 204,613.3 billion UZS, which is 6.6% more than in January-June 2024. The main contributors to this growth were:

• Manufacturing industry: growth of 7.1%.
• Water supply, sewerage, waste collection and disposal: growth of 9.7%.
• Mining and quarrying: growth of 5.1%.

Construction

The construction sector showed significant growth of 10.7%, reaching a GVA of 56,998.2 billion UZS. The highest growth was observed in the following segments:

• Specialized construction activities: growth of 149.0%.
• Construction of civil engineering objects: growth of 125.7%.
• Construction of buildings and structures: growth of 103.0%.

Services Sector

The GVA of the services sector grew by 8.2% and amounted to 394,870.4 billion UZS. Growth by sub-sector:

• Information and communication: +21.9%.
• Transportation and storage: +11.3%.
• Trade: +10.9%.
• Accommodation and food services: +9.5%.

Within the structure of transportation and storage services, road transport holds the largest share at 56.1%. In trade, retail trade (excluding motor vehicles) dominates with a share of 54.9%.

GDP per Capita

For January-June 2025, GDP per capita increased by 5.2% to 21,429.9 thousand UZS. For comparison, in the same period of 2024, this indicator was 18,126.0 thousand UZS.

Small Enterprise

The contribution of small businesses to the economy remains significant. Small enterprises created a value added of 381,468.9 billion UZS, which is 49.6% of the total GVA in the economy. The largest share of small businesses is observed in agriculture, forestry, and fishery (97.0%) and construction (79.4%).

Non-Observed Economy

The share of the non-observed economy in GDP for January-June 2025 was 32.9%, or 265,540.7 billion UZS. This category includes:

• Activities of households and individuals: 24.9% of GDP, or 201,281.3 billion UZS.
• Shadow economy: 8.0% of GDP, or 64,259.5 billion UZS.

Source: UZSTAT