Economic Activity Remains High

📊 In the first half of 2026, Uzbekistan’s economy grew by 8.5% in real terms. This exceeded the 7.7% growth recorded at the end of 2025, indicating an acceleration in economic activity.

📊 Strong economic activity is observed across most sectors of the economy. In particular, the volume of services increased by 16.9%, while industrial production grew by 8%. Strong activity in retail trade and services indicates an increase in domestic consumer demand, while investment dynamics demonstrate that investment demand also remains high.

📊 This trend is expected to continue supporting economic activity in the second half of the year. An increase in investment inflows into the country, including foreign direct investment, will provide additional support to domestic demand.

Taking these factors into account, the Central Bank has revised its economic growth forecast for 2026 upward from 7–7.5% to 7.5–8%.

The upward revision reflects stronger-than-previously-expected economic activity. At the same time, elevated domestic demand may intensify inflationary pressures. Therefore, maintaining a balance between economic growth and price stability remains an important consideration in monetary policy.

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