Why is this important
The acceleration of GDP growth captures the expansion of economic activity across key sectors and influences business expectations and budget planning. Simultaneous slowdown in inflation with higher growth means a change in macroeconomic conditions: price dynamics become less pressing, but the assessment of well-being comes down to the growth rate of household incomes, which have decreased. The growth structure by industry and foreign trade shows which areas have become the main drivers, and where, on the contrary, the pace has slowed down.
What happened
- The National Statistics Committee reported that by the end of 2025, Uzbekistan’s GDP growth accelerated to 7.7% compared to 6.7% in 2024, marking the highest growth since 2021.
- Against this backdrop, inflation slowed to 7.3%, and the real growth of aggregate household income decreased to 9.2%.
- In 2025, the population grew (as of January 1, 2026 — more than 38.23 million people), the growth rates of construction, agriculture, services, and foreign trade also accelerated, while a slowdown was noted in freight and passenger turnover and retail trade.
Numbers and facts
- Inflation slowed down from 9.8% to 7.3%.
- The real growth of the aggregate income of the population decreased from 11.7% to 9.2%.
- The permanent population increased by almost 700 thousand people and, as of January 1, 2026, exceeded 38.23 million (for the first time above 38 million).
- Industrial production volume index: 6.8% (2024 — 6.5%).
- Construction volume increased by 14.2% (in 2024 — 10%).
- Agriculture, forestry and fisheries: +4.4%, retail services: +14.7%.
- Foreign trade turnover: +20.7%, including exports +24% and imports +18.5%.
- Freight turnover: +1.9%, passenger turnover: +5.8%, retail turnover: +11.2%.
Context
- The growth profile in 2025 shows increased economic activity against the backdrop of high growth in construction, services, and foreign trade, which has drawn in the overall GDP indicator.
- Slowing down inflation while accelerating growth reduces price pressure, but a decrease in the growth rate of household incomes means that the effect on households may be felt unevenly.
- Weaker rates in freight and passenger turnover, as well as the slowdown in retail trade turnover, highlight areas where the expansion of demand and logistical activity grew less rapidly than in other sectors.
