Key facts
- Uzbekistan's nominal GDP grew from €21 billion in 2016 to around €130 billion by mid-2026.
- Exports increased from €2.3 billion in 2016 to approximately €28.5 billion.
- Industry grew by 8%, services by 16.9%, construction by 13.8%, and agriculture by 4.7% in the first half of 2026.
- Real GDP grew by 7.7% in 2025 and accelerated to 8.7% in Q1 2026.
- The number of enterprises with foreign capital more than doubled to nearly 20,000 by mid-2026.
- Small businesses now account for over 42% of total exports.
Uzbekistan's economy has demonstrated robust growth and significant structural changes over the past decade, driven by a decade of reforms initiated in 2017. Key economic indicators show expansion across various sectors, with a notable increase in foreign investment and a diversification of economic activities. The government's focus has shifted towards ensuring this growth translates into tangible benefits like employment and higher household incomes.
In the first half of 2026, industry grew by 8%, services by 16.9%, construction by 13.8%, and agriculture by 4.7%. The International Monetary Fund (IMF) reported that real GDP grew by 7.7% in 2025 and accelerated to 8.7% year-on-year in the first quarter of 2026. This growth has led to a substantial increase in nominal GDP, from approximately €21 billion in 2016 to around €130 billion by mid-2026. Exports have also seen a dramatic rise, from about €2.3 billion to approximately €28.5 billion over the same period. Uzbekistan's economic reforms have been recognized globally, with the country climbing 66 places in the Index of Economic Freedom between 2018 and 2026.
A key development has been the diversification of investment sources. Alongside public spending, private businesses, foreign investors, and small enterprises now play a more significant role. Francis Malige of the European Bank for Reconstruction and Development (EBRD) noted that investor confidence has been built over years of reforms, citing Uzbekistan's young population, dynamic entrepreneurs, and progressive reforms as contributing factors. The number of enterprises with foreign capital has more than doubled in five years, from around 9,000 in 2020 to nearly 20,000 by mid-2026. Investment by small businesses surged from approximately €1.5 billion in 2016 to around €25.5 billion in 2025, with start-up funding reaching a record €290 million last year. Saidislom Saidkhonov from the Ministry of Economy and Finance highlighted the economy's diversification, with services and construction leading growth, and special economic zones channeling private investment into manufacturing and agro-processing.
The government reports that entrepreneurship is becoming more resilient, with over 1.24 million businesses operating by mid-2026, an increase of about 55,000 since the start of the year. The number of exporters has grown to nearly 6,000, with small businesses contributing over 42% of total exports. Beyond economic expansion, reforms have targeted employment, labor market formalization, and household incomes. Marat Jurayev, First Deputy Minister of Poverty Reduction and Employment, stated that programs are in place to reduce informal employment and improve job quality. Over nine million people have been lifted out of poverty, with an ambitious goal to eliminate absolute poverty soon. Akiko Fujii of the UNDP in Uzbekistan noted that legislative reforms have significantly improved opportunities for women, including the introduction of equal pay and the removal of employment restrictions in several industries.
Financial reforms have also been central to the visible impact of economic changes. Since the liberalization of the foreign exchange market in 2017, Uzbekistan has adopted a unified exchange rate, expanded currency convertibility, and moved towards a floating exchange-rate regime, as classified by the IMF. The number of businesses conducting foreign exchange operations has more than tripled, rising from around 29,000 in 2019 to approximately 90,000 by the end of 2025, reflecting a more developed financial market, according to Fayoz Gafurov of the Central Bank. The expansion of digital payment infrastructure, including mobile banking, bank cards, and a universal QR-code system, has also transformed consumer and business transactions, fostering competition and improving services.