Uzbekistan Economy Surges by 8.7% in First Quarter of 2026
Uzbekistan has maintained a rapid pace of economic expansion during the first quarter of this year. According to fresh data released by the European Bank for Reconstruction and Development (EBRD), the republic’s gross domestic product (GDP) grew by 8.7% year-on-year in early 2026.
Domestic demand drives expansion
The primary catalyst for this robust financial performance was a significant surge in consumer demand. A steady increase in financial remittances from abroad and rising domestic wages have directly bolstered the country’s developing services sector.
Further economic support came from other heavy-hitting areas of the economy:
- Construction: Witnessed a massive 15.5% expansion.
- Industry: Recorded a solid 8% growth rate.
Looking ahead, the EBRD projects that Uzbekistan’s economy will expand by 6.5% overall by the end of 2026. Growth is then expected to moderate slightly to 6% next year.
Bank analysts noted that accelerating the privatisation of state-owned assets could provide a substantial additional boost to the national economy. However, they also warned of significant external threats. The main risks to the country’s financial trajectory include a potential economic slowdown in Russia and mounting inflationary pressures stemming from the ongoing conflict in the Middle East.
Wider regional picture
The latest EBRD report highlighted that while economic activity across Central Asia and Mongolia remained largely resilient at the start of 2026, initial signs of a gradual deceleration are beginning to emerge.
«Risks associated with energy price fluctuations, supply chain disruptions, sanctions and a slowdown in growth in Russia and China, the region’s largest trade and economic partners, have intensified,» the official report stated.
Despite these looming regional challenges, core sectors such as construction, industry and services are expected to remain the fundamental drivers of broader economic growth across the territory.
