Uzbekistan GDP Grows 8.3% as Services Drive Expansion and Imports Rise

Services deliver half of economic growth

Uzbekistan's economy grew by 8.3% in real terms in January through September 2026, with services providing 4.2 percentage points of that expansion, according to preliminary figures attributed to the National Statistics Committee. Gross domestic product reached 1,755.5 trillion soums at current prices, while exports fell and imports increased.

The figures, published on October 30, 2026, show an economy expanding through several channels at once. Industry grew by 8.1%, construction by 12.5% in the GDP breakdown, and agriculture, forestry and fishing by 4.6%. Information and communication recorded particularly fast growth of 21.6%, followed by trade at 17.3%.

GDP measures the value created by an economy. Real growth adjusts for price changes, so the headline increase describes a rise in economic activity after allowing for higher prices. The total measured in current soums reflects both production and prices.

GDP per person increased by 6.4% in real terms, slower than total GDP. Meanwhile, small businesses generated 53.8% of the economy's value added, showing how much production depends on smaller operators rather than large companies alone.

How the latest figures compare

The National Statistics Committee revised the figures for January through September in 2022 to 2025 using results from the population and agricultural censuses. The updated comparison puts growth at 8.0% in 2025 and 6.1% in 2024.

Uzbekistan's latest growth rate was therefore 0.3 percentage points faster than in 2025 and 2.2 points faster than in 2024. The main dates and comparisons are:

• January through September 2024: GDP reached 1,224.4 trillion soums, with real growth of 6.1%.
• January through September 2025: GDP reached 1,494.9 trillion soums, with real growth of 8.0%.
• January through September 2026: GDP reached 1,755.5 trillion soums, with real growth of 8.3%.
• October 30, 2026: The preliminary figures for the latest period were published.

The 2026 figures remain preliminary and may change when the committee updates its calculations.

What prices and GDP per person show

GDP at current prices rose by about 17.4%, calculated from the increase between 1,494.9 trillion and 1,755.5 trillion soums. The smaller real increase of 8.3% reflects the adjustment for changing prices.

The GDP deflator stood at 108.4% relative to the same period in 2025, indicating an 8.4% increase in the broad price measure used for domestic production. Industry had the highest sector deflator, at 112.1%, followed by other service activities at 109.7%. The combined category covering transportation, storage, information and communication had a deflator of 103.1%.

Consumer prices increased by 4.2% from December 2025 through September 2026. This measure follows household purchases, while the GDP deflator covers domestic production and uses a comparison with the first nine months of 2025. The two measures therefore describe different baskets and periods.

Food prices rose by 2.9%, nonfood goods by 4.6%, and services by 5.6%. Insurance and financial services recorded a price index of 143.9%, equivalent to a 43.9% increase from December. Housing, utilities, food and nonalcoholic beverages together contributed about 54% of the consumer price increase.

GDP per person reached 44.6923 million soums, compared with 38.7468 million soums a year earlier. This is economic output divided by the population, rather than the amount each person receives. Its real increase of 6.4% gives a more useful comparison over time than the change in the cash figure alone.

Where the extra output came from

Industry and the combined category of trade, accommodation and food services each contributed 2.0 percentage points to GDP growth. Transportation, storage, information and communication added 1.4 points. Other services contributed 0.8 points, bringing the services contribution to 4.2 points, just over half of the 8.3% expansion.

Construction added 1.0 percentage point and agriculture, forestry and fishing contributed 0.7 points. Net taxes on products, meaning relevant taxes minus subsidies, supplied the remaining 0.4 points.

Value added across economic sectors accounted for 95.9% of GDP, with net product taxes making up 4.1%. Value added is the value an activity creates after subtracting goods and services used in production. A factory's purchases of materials are deducted so the same production is not counted repeatedly as it passes between businesses.

Industry's share of sector value added rose from 26.0% to 26.8%, while construction increased from 8.2% to 8.3%. Services remained the largest sector at 49.4%, slightly below 49.6% a year earlier. Agriculture, forestry and fishing fell from 16.2% to 15.5%. These shares describe the division of value added before net product taxes are included.

Manufacturing leads industrial expansion

Industry generated 450.4 trillion soums in value added, up 8.1%. Manufacturing supplied 373.1 trillion soums of that total and grew by 8.6%, making it the main industrial growth engine.

Electricity, gas, steam and air conditioning supply expanded by 10.1%, generating 29.8 trillion soums in value added. Mining and quarrying grew by 3.1% to 44.4 trillion soums. Water supply, sewerage and waste activities increased by 1.6% to 3.1 trillion soums.

Industrial enterprises produced goods worth 1,085.7 trillion soums. Manufacturing represented 86.9% of this gross output, compared with 6.5% for mining, 6.0% for electricity and related supply, and 0.6% for water and waste activities. Gross output counts the value of goods produced before the deduction of production inputs used in calculating value added.

Machinery and equipment production increased by 48.9%, other transport equipment by 33.9%, and other manufactured goods by 32.3%. Tobacco production fell by 16.6%. The spread between these results shows that industrial expansion varied substantially by product.

Construction shifts beyond buildings

Construction generated 140.2 trillion soums in value added, with growth of 12.5% in the GDP breakdown. The broader construction activity figures put completed work at 339.3282 trillion soums and growth at 12.3%.

Buildings and structures grew by 6.6%, while civil engineering increased by 29.0% and specialised construction activities by 33.1%. Buildings remained the largest segment, although their share fell from 75.3% to 71.3%. Civil engineering's share rose to 18.1%, and specialised activities reached 10.6%.

Small enterprises and microfirms completed 50.6% of construction work, compared with 26.4% for large enterprises and organisations. Informal operators accounted for 23.0%. In the separate value added measure, small businesses represented 75.4% of construction, making them central to the sector's expansion.

Trade, transport and digital services expand

Services generated 831.0 trillion soums in value added, increasing by 8.9%. Trade, accommodation and food services together supplied 247.1 trillion soums, with growth of 15.1%. Transportation, storage, information and communication generated 135.4 trillion soums, up 18.1%.

Retail turnover reached 432.1612 trillion soums, rising by 19.7%. Small businesses accounted for 71.9% of turnover, large enterprises for 17.8%, and unorganised trade for 10.3%. Within trade value added, retail excluding motor vehicles remained the largest activity at 48.3%, followed by wholesale at 40.1%.

Transportation and storage grew by 16.1% and accounted for 5.0% of GDP. Road transport's share of the sector's value added increased from 55.0% to 57.4%. Supporting activities represented 18.1%, air transport 8.7%, rail 8.5%, and pipelines 7.3%.

Information and communication grew by 21.6%. Within the narrower information and communication technology services category, value added reached 45.5 trillion soums, compared with 35.8 trillion in 2025 and 23.7 trillion in 2024. Its share of sector value added rose from 2.3% in 2024 to 2.7% in 2026.

Computer programming, consultancy and related activities generated 54.0% of ICT value added. Communications supplied 29.2%, data hosting, processing and web portals 10.0%, software publishing 4.2%, and equipment repair 2.6%.

Market services, measured by the value of services supplied rather than their contribution to GDP, totalled 1,003.2 trillion soums and grew by 16.7%. Financial services expanded by 22.0%, communications and information services by 21.4%, and trade services by 17.4%.

Farms grow while agriculture's share falls

Agriculture, forestry and fishing generated 261.7 trillion soums in value added, up 4.6%. The sector contributed 0.7 percentage points to GDP growth even as its share of the economy declined because other activities expanded faster.

Total agricultural, forestry and fishery output and services reached 465.3467 trillion soums. Crop and livestock production, hunting and related services supplied 416.3447 trillion soums, forestry 41.2533 trillion, and fisheries 7.7487 trillion.

Grain production increased by 16.3%, potatoes by 6.6%, melons by 4.5%, and vegetables by 3.6%. Dehkan and household farms, which include small family farming operations, produced 62.2% of agricultural output. Other farms supplied 26.7%, and agricultural organisations 11.0%.

Small businesses accounted for 93.2% of agriculture's value added, the highest proportion among the main sectors. Changes in farm activity therefore have a direct bearing on the smaller operators that dominate agricultural production.

Investment rises as the trade gap reaches $13.8 billion

Investment in fixed capital totalled 584.1542 trillion soums, reaching 120.1% of its level a year earlier, equivalent to an increase of 20.1%. Fixed capital investment covers assets such as buildings, machinery and equipment that are used over several years.

Foreign direct investment and loans accounted for 63.6% of investment, including 38.9% from foreign direct investment alone. Household funds contributed 12.3% and enterprises' own funds 11.6%. Foreign loans guaranteed by Uzbekistan accounted for another 6.2%, while the republican budget supplied 4.3%.

Foreign trade totalled $65.4 billion, up 6.3%. Exports fell by 5.5% to $25.8 billion, while imports rose by 15.7% to $39.6 billion. Subtracting exports from imports gives a trade deficit of $13.8 billion.

Machinery and transport equipment accounted for 32.5% of imports, the largest category, followed by manufactured goods at 13.8% and chemicals and related products at 12.1%. The import mix shows substantial spending on equipment alongside the rise in investment.

Domestic production therefore accelerated during a period of weaker export earnings and rising purchases from abroad. Businesses were expanding activity at home while the value of goods and services bought internationally grew faster than sales to foreign customers.

Small businesses supply more than half of value added

Small businesses generated 904.8 trillion soums in value added, or 53.8% of the total across economic sectors. Services accounted for 46.7% of their contribution, agriculture for 27.0%, industry for 14.6%, and construction for 11.7%.

Uzbekistan had 621,100 operating enterprises and organisations on October 1, 2026. The register included 459,100 small enterprises and microfirms, excluding farms and dehkan households from that subgroup. During the first nine months, 68,500 enterprises and organisations were established, including 66,300 small enterprises and microfirms.

Tashkent city had the largest concentration, with 118,860 operating enterprises and organisations, followed by Tashkent Region with 59,191 and Samarkand Region with 57,237. Trade had the largest number by activity, at 170,555.

The country also had 22,029 operating enterprises with foreign capital, comprising 4,851 joint ventures and 17,178 enterprises owned by foreign investors. Their presence sits alongside the large contribution made by domestic small businesses.

The non-observed economy's share declines

The non-observed economy accounted for 21.8% of GDP, down from 23.9% a year earlier, a decline of 2.1 percentage points. This statistical category includes household and individual activities as well as the shadow economy. Statisticians estimate such production to include economic activity that regular reporting does not fully capture.

Agriculture, forestry and fishing had the largest non-observed share, at 57.6% of sector value added. Services followed at 23.8%, construction at 8.3%, and industry at 4.9%. The figures show where statistical estimation plays the greatest role in measuring production.

Uzbekistan's nine month results combine faster real growth, a large services contribution and rising investment. They also show the practical differences within that expansion: GDP per person grew more slowly than total output, consumer prices continued to rise, and imports increased while exports declined.

Key Points

• GDP reached 1,755.5 trillion soums in January through September 2026, growing by 8.3% in real terms.
• Services contributed 4.2 percentage points, just over half of total GDP growth.
• Industry grew by 8.1%, construction by 12.5% in the GDP breakdown, and agriculture by 4.6%.
• GDP per person increased by 6.4% in real terms to 44.6923 million soums.
• Fixed capital investment increased by 20.1% to 584.1542 trillion soums.
• Exports fell by 5.5%, while imports rose by 15.7%, producing a trade deficit of $13.8 billion.
• Small businesses generated 53.8% of sector value added.
• The non-observed economy's share of GDP declined from 23.9% to 21.8%.