Uzbekistan’s GDP Grows 7.2% in First Half of 2025

Published
International Department Journalist
Total trade volume rose by 16.1%
tashkent
Real income growth slowed to 9.5%. Photo: Google

Uzbekistan’s economic performance in the first half of 2025 showed marked improvement, with GDP growth reaching 7.2% year on year, up from 6.6% in the same period of 2024, according to the National Statistics Committee.

The economy benefited from a notable surge in exports, slowing inflation and solid domestic demand. The consumer price index (CPI) dropped to 4.2%, compared to 5.2% a year earlier, reflecting stabilisation in food and fuel prices. However, real income growth slowed to 9.5%, down from 11.9% last year.

Export-Led Growth and Steady Investment Activity

Foreign trade played a key role in driving the expansion. Total trade volume rose by 16.1%, with exports jumping by 29.2%, a sharp increase from 6.2% in the first half of 2024, due to higher gold sales and strong performance in services. Meanwhile, import growth decelerated to 7%.

The industrial sector grew by 6.6%, a slowdown from 7.8% the year before. Construction sector remained resilient, expanding by 10.7%, slightly above last year’s 10.1%. The number of registered businesses also rose, reaching over 750,000 by July 1, up from around 710,000 in 2024.

Retail trade grew by 9.7%, up from 8.4%, while the services sector expanded at a rapid pace of 13.3%, compared to 12.9% the previous year. Agriculture, forestry and fisheries recorded a growth rate of 4%.

Mixed Trends in Transport and Logistics

Transport indicators showed diverging trends. Passenger transport volumes increased by 6%. Freight turnover slowed considerably, from 4% in 2024 to just 1.8% in 2025. Analysts suggest the drop may reflect ongoing logistical bottlenecks and weaker regional transit activity.

Business and Policy Outlook

The report also highlights a rise in the number of active enterprises to nearly 463,000. The government continues to prioritise structural reforms, infrastructure development and trade diversification, aiming to maintain growth momentum and enhance resilience amid global uncertainties.

With only moderate inflation and strong export performance, Uzbekistan enters the second half of the year with a positive economic outlook, though policymakers are expected to watch industrial and transport trends closely in the coming quarters.

Kursiv also reports that as of July 1 2025, there are 16,685 enterprises with foreign investment operating in Uzbekistan.

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