Why is this important
Investment in fixed capital directly reflects the scale of economic activity and the launch of new projects in the country. The growth of the indicator and its structure make it possible to understand which sources and sectors are driving development. A high share of external financing increases dependence on foreign funds, but at the same time supports rapid growth. A breakdown by sectors and regions shows exactly where capital is being directed and where key growth points are emerging.
What happened
- In Uzbekistan, investment in fixed capital totaled 156.3 trillion soums in January–March 2026.
- According to the National Statistics Committee, the figure increased by 29.6% compared with the same period last year.
- The main volume of investment was formed through foreign investment and off-budget sources.
Numbers and facts
- The total volume of investment amounted to 156,330.4 billion soums, with a growth rate of 129.6%.
- According to the chart on page 1, investment volume increased from 53.9 trillion soums in 2022 to 156.3 trillion soums in 2026, while the highest growth was recorded in 2024 at 143.9%.
- Centralized investment amounted to 15.3 trillion soums (9.8% of the total), while decentralized investment totaled 141.0 trillion soums (90.2%).
- Foreign investment and non-guaranteed loans amounted to 107,578.8 billion soums, or 68.8% of the total volume.
- Enterprise funds accounted for 20,530.6 billion soums (13.1%), while household funds totaled 8,656.4 billion soums (5.6%).
- Foreign loans backed by state guarantees amounted to 10,800.7 billion soums (6.9%), while bank loans totaled 4,249.9 billion soums (2.7%).
- According to the sector breakdown on page 4, the largest volume of investment went to manufacturing — 44.5 trillion soums (28.5%).
- It was followed by energy supply — 16.4 trillion soums (10.5%) and construction — 16.8 trillion soums (10.8%).
- The total volume of foreign investment and loans amounted to $9.7 billion, or 118.4 trillion soums.
- According to the chart on page 5, manufacturing accounted for 34% of foreign investment, energy for 13.2%, and mining for 9.1%.
- A total of 3,322.1 thousand square meters of housing (+6.6% year-on-year), as well as 39 km of water supply networks and 1.9 km of gas pipelines, were commissioned.
Context
- For businesses, this means that investment is concentrated in industry and infrastructure, where the main demand for projects and contractors is being formed.
- For investors, the dominance of external capital remains, which affects the structure of risks and returns.
- For the state, the key task remains maintaining a balance between external and internal sources of financing.
- Overall, the market is developing through large projects in industry and energy, which is shaping the future investment agenda.
