The National Statistics Committee of the Republic of Uzbekistan has published data on the country’s socio-economic development for January-September 2025. According to preliminary estimates, the republic’s economy demonstrates high resilience and accelerated development rates: the volume of Gross Domestic Product (GDP) at current prices reached 1 303.7 trillion soums, providing real growth of 7.6% compared to the same period in 2024.
Macroeconomic Indicators and Standard of Living
A key indicator of the qualitative growth of the economy is the dynamics of GDP per capita. Following the results of the three quarters of 2025, this figure amounted to 34 483.9 thousand soums. In real terms, taking into account inflation processes, per capita income increased by 5.6% compared to the previous year. For comparison, in the same period of 2024, growth was 4.4%, indicating an acceleration in the rate of welfare improvement.
The GDP deflator index, characterizing the average price change in the economy, amounted to 112.2%. At the same time, price dynamics varied depending on the sector. The highest deflator values were recorded in the service sector (other industries) at 115.2% and in industry at 113.3%. The lowest price growth was noted in the construction sector at 105.9% and agriculture at 106.3%.
Growth Drivers: Construction and Services
An analysis of the sectoral structure shows that the construction and service sectors are the locomotives of economic growth in 2025.
- Construction Boom The construction sector demonstrated record growth rates. The gross value added in this industry reached 92 873.0 billion soums, increasing by 14.2%. The internal structure of the growth in construction works is as follows:
- Specialized construction works grew by a record 57.6%.
- Construction of civil facilities increased by 29.4%.
- Construction of buildings and structures showed growth of 5.9%.
- Services Sector Dynamics The services sector, which occupies a dominant position in the economy, grew by 8.7%, creating value added in the amount of 612 179.6 billion soums. The most active growth was recorded in the following segments:
- Information and communication: +21.1% – the fastest growing service segment.
- Trade: +12.8%.
- Transportation and storage: +11.5%.
- Accommodation and food services: +8.4%.
In the trade structure, the main share is accounted for by retail trade (54.4%), while wholesale trade accounts for 32.0%. In the transport sector, road transport dominates, providing 55.8% of the industry’s value added.
Industrial Sector
Industry also maintains stable positive dynamics. The volume of gross value added amounted to 323 805.7 billion soums with real growth of 6.8%. Growth was primarily driven by:
- Manufacturing industry: +7.5%.
- Water supply, sewerage, and waste management sector: +8.0%.
- Mining and quarrying: +4.0%.
- Electricity and gas supply: +4.0%.
Structural Transformations of the Economy
Following the results of 9 months of 2025, structural shifts in GDP formation are observed. The share of the service sector in GDP increased from 48.1% to 49.4%, and the share of industry increased from 25.9% to 26.1%. At the same time, the share of agriculture, forestry, and fisheries decreased from 18.6% to 17.0%, which is typical for industrially developing economies.
Digitalization and the Role of ICT
The share of information and communication technology (ICT) services in the country’s economy amounted to 2.6%. It is important to note the qualitative structure of this segment:
- 43.2% of value added comes from computer programming and consulting.
- 35.1% consists of communication services.
- 12.3% – data hosting and processing services (Web portals).
Contribution of Small Business and Private Entrepreneurship
Small business continues to remain the foundation of the Uzbek economy. In January-September 2025, small business entities created 51.5% of the total value added in the economy (638 221.7 billion soums).
In terms of industries, the role of small business was distributed as follows:
- In agriculture: 96.9%.
- In construction: 77.6%.
- In the service sector: 45.1%.
- In industry: 26.4%.
Assessment of the Unobserved Economy
The National Statistics Committee applies advanced assessment methods, including the calculation of the unobserved economy, which increases data transparency for investors. The total volume of the unobserved economy amounted to 33.3% of GDP. It is important to distinguish the structure of this indicator:
- 25.6% of GDP is accounted for by the activities of households and individuals (production of goods for own consumption, informal services).
- Only 7.7% of GDP is classified as the “shadow economy” (hidden activities aimed at tax evasion).
The results of the three quarters of 2025 confirm the effectiveness of the economic policy being pursued. Acceleration of growth rates to 7.6%, advanced development of high-tech sectors (ICT +21.1%) and the construction industry (+14.2%), as well as stable growth in real incomes of the population, form a favorable macroeconomic background for further attracting investment and implementing large-scale projects.
Source: The National Statistics Committee of the Republic of Uzbekistan