An analysis of the macroeconomic indicators of the Republic of Uzbekistan for the first 10 months of 2025 demonstrates the resilience of the national economy and the formation of new growth drivers. Based on fresh data, we can highlight the key trends defining the current economic landscape.

1. Real Sector Drivers: Construction Boom and Stable Industry

In the real sector of the economy, the construction industry acts as the locomotive. The growth rate of the volume of construction works has accelerated significantly, reaching 114.7%, which is substantially higher than last year’s figure (109.4%). This indicates continuing high investment activity in infrastructure and development projects.

Industrial production maintains stable dynamics with a physical volume index of 106.7%. Despite a slight slowdown compared to last year (106.9%), the industry continues to demonstrate confident growth above global average values.

2. Foreign Trade: Phenomenal Export Growth

Perhaps the most significant positive signal for the economy was the sharp jump in export potential. Export growth rates reached an impressive 127.8%, whereas last year this indicator was 110.9%.

The outstripping growth of exports over imports (which grew by 7.5%) contributes to balancing the foreign trade balance and reducing pressure on the currency market. The total foreign trade turnover showed growth at the level of 121.5%.

3. Inflation and Consumer Market

In the monetary policy and consumption block, a positive dynamic of price stabilization is observed. The consumer price index decreased to 105.7% (compared to 107.7% last year). Slowing inflation by 2 percentage points is a serious achievement that directly supports the purchasing power of the population.

Against this background, a revival of consumer demand is observed:

• Retail trade turnover grew by 110.3%.

• The service sector, traditionally sensitive to population income, showed growth of 114.4%.

4. Business Environment: Market Consolidation

Statistics record an interesting structural restructuring in the corporate sector. The total number of registered enterprises decreased from 723,547 to 667,416 units. The number of operating enterprises also corrected slightly to 465,944 units.

A similar trend is traced in small business, where the number of operating entities amounted to 395,777. Such dynamics against the background of growing economic indicators (industry, services, trade) may indicate processes of market consolidation, enlargement of players, and “healing” of the registry by closing inactive companies. The economy is becoming more transparent and efficient.

Conclusion

The results of January-October 2025 show that Uzbekistan’s economy is successfully adapting to global challenges. The combination of low inflation, powerful export growth, and high activity in the services and construction sectors creates a solid foundation for ending the year with high macroeconomic results.

Source: National Committee of the Republic of Uzbekistan on Statistics