Following the results of eleven months of 2025, the economy of Uzbekistan demonstrates positive dynamics in key macroeconomic indicators. Acceleration in growth rates is observed in construction, retail trade, and foreign economic activity against the backdrop of slowing inflationary processes and increased business activity of operating enterprises.

Production and Construction Dynamics

Stability remains in the real sector of the economy. The physical volume index of industrial production in January-November 2025 amounted to 106.8%, which corresponds to the level of the same period in 2024. This indicates a steady utilization of production capacities.

The construction sector demonstrates notable acceleration. The growth rate of the volume of construction works reached 114.6% in 2025, whereas in 2024 this figure was 109.2%. This dynamic indicates an expansion of investment activity in infrastructure and housing projects.

Consumer Market and Services Sector

Consumer demand continues to grow, as evidenced by the increase in retail trade turnover. The growth rate of retail trade turnover amounted to 111.0%, exceeding the figure of the previous year (109.7%).

The services sector also shows high results, albeit with a slight correction in rates relative to the high base of the previous year. The volume of rendered market services grew by 113.3% (in 2024, the growth was 114.6%).

A significant positive factor for the purchasing power of the population was the slowdown in inflation. The consumer price index relative to December of the previous year stood at 106.4%, which is noticeably lower than the level of 2024, when it was recorded at 108.7%.

Foreign Trade Turnover Indicators

Foreign economic activity has become one of the key growth drivers. The growth rate of foreign trade turnover accelerated significantly, amounting to 121.8% in 2025 against 104.3% in 2024.

Leading dynamics of exports are observed in the trade structure. Export growth rates reached 126.2% (in 2024 — 105.5%), which testifies to the successful expansion of domestic product supplies to foreign markets. Imports also showed growth at the level of 118.7% (in 2024 — 103.4%), providing the economy with necessary resources and equipment.

Enterprise Demographics and Business Activity

A trend towards consolidation and qualitative development is traced in the business sector. The number of registered enterprises and organizations (excluding farms and dekhkan farms) decreased from 725,188 units in 2024 to 669,478 units in 2025.

At the same time, the number of actually operating enterprises increased. As of December 1, 2025, the number of operating entities amounted to 471,745 units, which is higher than the figure of the previous year (468,069 units).

A similar situation is observed in small business. With a reduction in the number of registered entities from 651,182 to 594,310 units, the number of operating small business entities increased from 400,870 to 401,462 units. This indicates an improvement in the business environment and an increase in the survival rate of active companies.

Conclusion

The economic results of January-November 2025 are characterized by balanced growth in key industries. The acceleration of dynamics in construction and trade, record growth in export operations, and the reduction of inflationary pressure create favorable conditions for the further socio-economic development of the country.

Source: National Statistics Committee of the Republic of Uzbekistan