The Centre for Economic Research and Reforms (CERR) has released its analysis of regional business activity in Uzbekistan for April 2025, highlighting significant growth across key economic indicators. The Data from the Central Bank, Tax Committee, Customs Committee and the Uzbek Republican Commodity Exchange (UzEx) indicate that recent reforms foster a solid foundation for enhanced business and investment activities.
📈 Tax Revenues Surge by 18.7%
In April, Uzbekistan’s tax revenues increased by 18.7% compared to last year. Notable regional increases include:
- Tashkent Region: 50.4%
- Andijan Region: 39.7%
- Namangan Region: 38.8%
- Syrdarya Region: 36.8%
- Bukhara Region: 33.1%
- Fergana Region: 32.2%
- Tashkent City: 45.7%cerr.uz+1Cer.uz+1
The growth in tax revenues reflects an expansion in goods and services production, increased business incomes and higher employment rates. Specifically, personal income tax revenues rose by 18.5%, indicating wage growth and enhanced consumer purchasing power. Property tax revenues grew by nearly 22%, suggesting a stable real estate market and rising asset values. Land tax revenues increased by 18%, linked to the development of new agricultural, industrial, and logistics areas.
🌐 Customs Revenues Up by 15%
Customs revenues saw a 15% year-on-year increase, driven by higher import volumes of equipment, metals, food products, chemicals, plastics, rubber, wood, paper, construction materials, tobacco and agricultural goods. Significant regional growth includes:
- Syrdarya Region: 148.6%
- Republic of Karakalpakstan: 50.3%
- Navoi Region: 32.8%
- Tashkent Region: 14.6%
- Samarkand Region: 13.7%
- Tashkent City: 19.6%Cer.uz
📦 Exports Increase by 6.5%
Uzbekistan’s exports grew by 6.5% in April compared to the previous year. Regions with the most significant export growth include:
- Surkhandarya Region: 85.8%
- Samarkand Region: 45.1%
- Khorezm Region: 19.4%
- Namangan Region: 15.6%
💳 Credit Issuance Climbs by 52.9%
The volume of newly issued loans in April increased by 52.9% year-on-year, indicating heightened investment activity. Regions with notable credit growth include:
- Syrdarya Region: 96.4%
- Kashkadarya Region: 62.6%
- Namangan Region: 55.2%
- Navoi Region: 51.8%
- Surkhandarya Region: 40.9%
- Tashkent City: 68.4%
A 39% increase in loan repayments suggests borrowers manage their debts effectively, contributing to a stable financial sector.
Kursiv Uzbekistan also reports on new deposit protection law.
