Chief editor writes
Uzbekistan’s economy grew by 7.2% in real terms during the first half of 2025, with gross domestic product (GDP) reaching 807.9 trillion soums at current prices, according to data from the National Committee on Statistics.
The GDP deflator index — a measure of inflation in the economy — stood at 112.4%, reflecting moderate price growth compared to the same period in 2024. The highest deflator rates were seen in industry (113.8%) and other services (113.2%), while construction (106.0%) and agriculture (108.2%) recorded below-average inflationary pressure.
Key Drivers of Growth
Economic expansion was largely driven by increased output across major sectors. The gross value added (GVA) by industries contributed 95.2% of total GDP, growing by 7.3%, and accounting for 7 percentage points of the overall GDP increase. Net taxes on products represented 4.8% of GDP, growing by 6.5% and adding 0.2 percentage points to GDP growth.
Sectoral Shifts
- Services expanded their GDP share from 50.6% to 51.4%
- Industry rose from 26.2% to 26.6%
- Agriculture declined from 15.6% to 14.6%
- Construction dipped slightly from 7.6% to 7.4%
Sectoral Performance Breakdown
Industry
- GVA: 204.6 trillion soums (+6.6%)
- Leading contributors:
- Manufacturing: +7.1%
- Waste and remediation services: +9.7%
Construction
- GVA: 57 trillion soums (+10.7%)
- Notable sub-sector growth:
- Civil engineering: +25.7%
- Specialized works: +49%
- Building construction: +3%
Services
- GVA: 394.9 trillion soums (+8.2%)
- Strongest segments:
- Trade: +10.9%
- Accommodation and food services: +9.5%
- Transport and storage: +11.3%
- ICT (Information & Communications): +21.9%
ICT Sector Breakdown (2.7% of GDP):
- Programming and consulting: 43.8%
- Telecommunications: 35.4%
- Web hosting/portals: 11.6%
- Software publishing: 6.2%
- Equipment repair: 3%
Transport GDP Share (5.7%):
- Road: 56.1%
- Pipeline: 12.6%
- Rail: 8.1%
- Air: 8.3%
- Auxiliary activities: 14.9%
Trade Composition
- Retail (excl. vehicles): 54.9%
- Wholesale (excl. vehicles): 31.9%
- Vehicle sales/repair: 13.2%
Per Capita & Business Contributions
- GDP per capita rose by 5.2% to 21.43 million soums, up from 18.13 million in H1 2024.
- Small businesses contributed 381.5 trillion soums, or 49.6% of total GVA. Their sectoral breakdown:
- Agriculture: 28.6%
- Industry: 14%
- Construction: 11.9%
- Services: 45.5%
Their dominance is particularly notable in:
- Agriculture: 97%
- Construction: 79.4%
- Services: 43.9%
- Industry: 26.1%
Non-Observed Economy: Still a Significant Factor
The non-observed economy — comprising informal household activities and the shadow sector — stood at 265.5 trillion soums, or 32.9% of GDP:
- Household and informal activities: 201.3 trillion soums (24.9%)
- Shadow economy: 64.3 trillion soums (8%)
Sectoral presence:
- Agriculture: 75.1%
- Construction: 35.9%
- Services: 35.2%
- Industry: 10.5%
Analysis: A Balanced Growth Amid Structural Shifts
Uzbekistan’s economic performance in H1 2025 reflects balanced and broad-based growth, supported by both traditional sectors and emerging ones like ICT and services. The uptick in civil engineering and digital services shows a pivot toward modern infrastructure and digital transformation. Meanwhile, the declining share of agriculture signals a gradual economic diversification.
However, the large size of the informal economy — nearly a third of GDP — remains a structural concern, suggesting the need for better regulatory integration, especially in rural and micro-enterprise segments. Similarly, the heavy reliance on small business highlights their critical role, but also the need for targeted support and formalization strategies.
In sum, the growth outlook remains positive, with resilience across sectors and increasing urban economic complexity. Continued investment in technology, infrastructure, and business formalization will be key to sustaining this momentum into the second half of the year.
Let me know if you’d like a summary version, a bilingual Arabic-English format, or a graph-ready dataset extracted from this.
