Uzbekistan's latest economic figures point to continued growth across key sectors. Beyond GDP, however, the government's focus is increasingly on whether that growth is translating into investment, employment and higher household incomes. Industry grew by 8%, services by 16.9%, construction by 13.8% and agriculture by 4.7% in the first half of 2026. According to the International Monetary Fund (IMF), real GDP grew by 7.7% in 2025 and accelerated to 8.7% year-on-year in the first quarter of 2026.
The figures also highlight the scale of change since reforms began in 2017. Compared with 2016, nominal GDP has increased from approximately €21 billion to around €130 billion, while exports have risen from around €2.3 billion to approximately €28.5 billion. Uzbekistan climbed 66 places in the Index of Economic Freedom between 2018 and 2026.
A different source of capital
One significant change has been the source of investment entering the economy. Alongside public spending, private businesses, foreign investors and small enterprises now account for a growing share of economic activity.
Francis Malige, Managing Director and Head of the Financial Institutions Business Group at the European Bank for Reconstruction and Development (EBRD), says confidence among investors has been built over several years of reforms.
