The National Committee of the Republic of Uzbekistan on Statistics has published key macroeconomic indicators for February 2025. The data reflect trends in industry, trade, construction, services, and small business.

Industrial Production

The physical volume index of industrial production in February 2025 stood at 106.0%, lower than the 116.4% recorded in 2024. The slower growth in the industrial sector may be attributed to supply chain adjustments, reduced external demand, and changes in investment activity.

Inflation

The Consumer Price Index (CPI) compared to December of the previous year remained at 100.0%, indicating price stability. In February 2024, this figure was 100.3%, highlighting the absence of significant price fluctuations, which is an important factor for both consumers and businesses.

Retail Trade Turnover

The growth rate of retail trade turnover in February 2025 reached 110.2%, exceeding the 109.9% recorded in the same period of 2024. This indicates a sustained high level of consumer spending in Uzbekistan and an increase in domestic demand.

Construction Sector

The volume of construction work increased by 111.8% compared to 118.5% in February 2024. The slower growth rate in construction may be due to adjustments in government programs and seasonal factors.

Service Sector

The growth rate of market services in February 2025 was 112.2%, surpassing the 107.8% recorded in 2024. This trend indicates the expansion of the service sector and increasing demand for service-based companies.

Foreign Trade

Uzbekistan’s exports in February 2025 increased by 127.7%, significantly higher than the 113.8% recorded in February 2024. This may indicate a strengthening of Uzbek goods in international markets. Imports also showed growth, reaching 110.0% (compared to 109.9% in February 2024).

Number of Enterprises and Small Businesses

The total number of registered enterprises and organizations as of March 1, 2025, stood at 732,915, higher than the 692,727 recorded in the previous year. However, the number of active enterprises declined to 439,043 (compared to 473,320 in 2024).

A similar trend is observed in small business:

• The number of registered small business entities increased from 618,944 (2024) to 657,002 (2025).
• The number of active small businesses declined from 405,240 to 370,364.

Conclusion

Uzbekistan’s economic trends in February 2025 show steady export growth, expansion of the service sector, and increased retail trade activity. However, the decline in industrial and construction growth rates, as well as a reduction in the number of active enterprises, suggests the presence of certain challenges.

Source: National Committee of the Republic of Uzbekistan on Statistics

Keywords:

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