Uzbekistan’s Shadow Economy Accounts for 33% of GDP in First Half of 2025
The volume of Uzbekistan’s unobserved economy reached 265.5 trillion UZS from January to June 2025, making up 32.9% of the country’s GDP, according to the National Statistics Agency.
The agency estimates that 201.3 trillion UZS of gross value added came from household and individual activities. An additional 64.3 trillion UZS was contributed by the shadow economy.
In agriculture, forestry and fisheries, unobserved activity accounted for 75% of gross value added. The share was 36% in construction and 35% in the services sector. In industry, the shadow economy’s contribution was estimated at 10.5%.
The unobserved economy includes all economic activity not captured by the official statistical reporting system. It is measured using indirect indicators and encompasses informal work such as home-based services, unlicensed trade, and small unregistered businesses.
The shadow economy also covers concealed segments of otherwise legal businesses, including under-the-table wages and tax evasion schemes.
Kursiv Uzbekistan also reports that the International Monetary Fund (IMF) has revised upward its economic growth forecast for the Middle East and Central Asia region, now expecting a 3.4% expansion in 2025.
