According to preliminary data from the National Statistics Committee of the Republic of Uzbekistan, the republic’s gross domestic product reached a historic high of 1,849.7 trillion soums, ensuring sustainable acceleration of economic development. Uzbekistan’s GDP in 2025 demonstrated growth of 7.7% — the best result in the last five years, which exceeded forecast indicators and confirmed the effectiveness of structural reforms in the economy. For comparison: in 2024, growth was 6.7%, in 2023 — 6.3%, which makes last year’s results particularly significant in the context of regional and global economic uncertainty.

Citizens’ Welfare: Growth in Per Capita Income

GDP per capita in 2025 reached 48.8 million soums, increasing in real terms by 5.7%. This is a notable acceleration compared to 2024, when growth was 4.5%. The steady growth of this indicator evidences an improvement in the population’s living standards and the effectiveness of the state’s socio-economic policy.

Over five years (2021-2025), GDP per capita almost doubled — from 24.7 million to 48.8 million soums, which is a significant achievement for a developing economy in the region.

Structural Transformation: Service Economy Gains Momentum

One of the key trends in 2025 was the further strengthening of the service sector’s position, which increased its share in the GDP structure from 48.2% to 48.6%. The sector’s gross value added reached 859.9 billion soums, demonstrating confident growth of 8.5%.

Digital Breakthrough

The information and communications sector showed the most impressive dynamics — growth of 23.9%, almost twice the overall economic pace. The share of information and communication technology services in GDP increased to 2.7% (versus 2.3% in 2024), and their volume reached 47.3 billion soums.

The ICT services structure is dominated by:

• Computer programming and consulting — 46.3%
• Communications services — 32.9%
• Data hosting and processing, web portals — 11.9%
• Software publishing — 5.9%
• Repair of computers and communications equipment — 3.0%

This testifies to the successful digitalization of the economy and the formation of a sustainable IT sector capable of competing at the regional level.

Trade and Hospitality

The trade sector demonstrated double-digit growth of 13.6%, reaching 107.6 billion soums. Accommodation and food services grew by 10.4% to 107.9 billion soums, reflecting the recovery of the tourism industry and growth in domestic consumption.

The trade structure is dominated by the retail segment (54.7%), wholesale trade accounts for 32.9%, and motor vehicle trade and repair — 12.4%.

Transport and Logistics Boom

The transportation and storage sector showed impressive growth of 10.1%, increasing to 97.3 billion soums. The sector’s share in GDP was 5.5%, which emphasizes Uzbekistan’s strategic position as a transit hub in the region.

Transport sector structure:

• Road transport — 56.4% (main driver)
• Supporting transport activities — 17.5%
• Pipeline transport — 10.1%
• Air transport — 8.7%
• Railway transport — 7.3%

Industry: Modernization Continues

The industrial sector strengthened its position, increasing its share in GDP from 26.1% to 26.8%. The sector’s gross value added amounted to 472.7 billion soums with growth of 6.8%.

Manufacturing in the Vanguard

The main contribution to industrial growth came from manufacturing, which grew by 7.7% and reached 384.2 billion soums, comprising 81.3% of total industrial production. This evidences the successful implementation of the import substitution strategy and the development of high value-added industries.

Other industrial segments:

• Mining and quarrying — 49.1 billion soums (+3.5%)
• Electricity, gas, steam supply — 36.3 billion soums (+3.5%)
• Water supply and waste disposal — 3.1 billion soums (+2.6%)

Construction Boom: Infrastructure Development

The construction sector became one of the growth leaders, demonstrating phenomenal growth of 14.0%. The sector’s gross value added reached 129.2 billion soums, and its share in GDP increased from 7.2% to 7.3%.

Structural Shifts in Construction

Particularly impressive were the growth rates in segments:

• Specialized construction works — +38.4%
• Civil engineering facilities — +30.8%
• Construction of buildings and structures — +7.4%

The change in the sector’s structure indicates a transition to more complex and technologically advanced types of construction. The share of specialized works increased from 8.2% to 9.9%, civil engineering — from 17.3% to 19.7%.

This dynamic reflects large-scale implementation of infrastructure projects, development of housing construction, and modernization of social facilities.

Agriculture: Stability and Efficiency

The agricultural sector produced gross value added of 306.3 billion soums, demonstrating growth of 4.4%. The decrease in the sector’s share in GDP from 18.5% to 17.3% is a natural process of structural transformation of the economy and does not indicate problems in the sector.

On the contrary, this reflects increased labor productivity in agriculture with simultaneous outpacing development of industry and services — a classic scenario of successful economic development.

Small Business — Foundation of the Economy

Small business entities continue to play a key role in the country’s economy. In 2025, they created value added amounting to 923.5 billion soums, which constitutes 52.2% of total gross value added.

Dominance in Key Sectors

The share of small business by sector is impressive:

• Agriculture, forestry and fisheries — 93.1%
• Construction — 75.6%
• Services — 47.2%
• Industry — 28.5%

In the structure of small business:

• Services — 43.9%
• Agriculture — 30.9%
• Industry — 14.6%
• Construction — 10.6%

These indicators confirm that small business is the main employer and driver of economic growth, ensuring economic flexibility and social stability.

Price Dynamics: Moderate Inflation

The GDP deflator index was 111.9%, reflecting a controlled inflationary situation. Differentiated price dynamics by sector demonstrates various growth factors:

Above average level:

• Industry — 115.1% (impact of world prices for raw materials and energy)
• Transportation and storage, information and communications — 113.0%
• Other service sectors — 112.1%

Below average level:

• Construction — 105.9% (most stable sector)
• Agriculture, forestry and fisheries — 107.8%
• Trade, accommodation and food services — 108.8%

Low inflation in construction with high growth rates indicates increased efficiency in the sector and market competition.

Sectors’ Contribution to Overall Growth

Analysis of sectors’ impact on GDP growth shows the balanced nature of economic growth:

• Gross value added of all sectors — 7.4 percentage points
• Industry — 1.7 p.p.
• Other services — 1.4 p.p.
• Trade, accommodation and food — 1.4 p.p.
• Transportation, storage, information and communications — 1.1 p.p.
• Construction — 1.0 p.p.
• Agriculture — 0.8 p.p.
• Net taxes on products — 0.3 p.p.

The distribution of contributions demonstrates that growth is provided by a wide range of sectors, which reduces risks and increases the economy’s resilience.

Unobserved Economy: Formalization Challenges

The volume of the unobserved economy was 498.0 billion soums, or 26.9% of GDP. This figure includes:

• Activities of households and individuals — 351.0 billion soums (19.0% of GDP)
• Shadow economy — 147.0 billion soums (7.9% of GDP)

Sectoral Distribution

Concentration of unobserved economy by sector:

• Agriculture, forestry and fisheries — 62.6%
• Services — 26.9%
• Construction — 23.5%
• Industry — 9.4%

The high share of unobserved economy in agriculture is explained by the traditional nature of subsidiary farming by the population. At the same time, these data indicate significant potential for formalization of economic activity, which can become an additional source of growth in tax revenues and increased social protection of the population.

Macroeconomic Stability

Sustainable economic growth is accompanied by balanced macroeconomic policy. Net taxes on products amounted to 81.5 billion soums (4.4% of GDP), demonstrating growth of 7.4%, which corresponds to the economy’s growth rate.

Gross value added of all sectors reached 1,768.1 billion soums (95.6% of GDP), increasing by 7.7%. The synchronicity of GVA and GDP growth indicates a healthy structure of economic development.

Conclusions: Sustainable Growth on a Broad Base

The 2025 results demonstrate impressive achievements of Uzbekistan’s economy:

1. Acceleration of economic growth. The rate of 7.7% is the highest in the last five years, significantly exceeding global averages.

2. Structural transformation. Growth in the share of services and industry with a decrease in agriculture’s share reflects the transition to a more diversified economic model.

3. Digitalization. Nearly quadruple growth of the ICT sector (+23.9%) indicates successful implementation of the digital transformation strategy.

4. Infrastructure development. The construction boom (+14.0%) creates the foundation for long-term economic growth.

5. Role of small business. More than half of the economy (52.2%) is created by small business, ensuring social stability and flexibility.

6. Growth balance. Positive dynamics in all major sectors reduces risks and increases resilience to external shocks.

7. Welfare growth. The increase in GDP per capita by 5.7% directly affects the improvement of citizens’ living standards.

Uzbekistan’s economy is confidently moving along a trajectory of sustainable development, demonstrating the ability to adapt to challenges and seize new opportunities. Further success will depend on continuing structural reforms, developing human capital, deepening integration into regional and global value chains, as well as consistent work on formalizing economic activity.

Source: National Statistics Committee of the Republic of Uzbekistan
https://stat.uz/ru/press-tsentr/novosti-goskomstata/66515-proizvodstvo-valovogo-vnutrennego-produkta-yanvar-dekabr-2025-goda