Uzbekistan recorded its strongest economic performance in 2025, with gross domestic product expanding by 7.7%, surpassing the previous high of 7.4% in 2021 and exceeding the 2024 growth rate by one percentage point. For the first time, GDP exceeded USD 145 billion, while GDP per capita continued its steady upward trajectory.

 

Several factors drove this expansion. Domestic demand strengthened, urbanization accelerated, and demographic growth continued to support consumption. The population increased by nearly 700,000 people, surpassing 38 million, further expanding the domestic consumer market. At the same time, the economy became more diversified. In 2025, construction, services, industry, and exports served as the primary engines of growth. Construction output rose by 14.2%, market services expanded by 14.7%, industrial production increased by 6.8%, and agriculture, forestry, and fisheries grew by 4.4%.

 

The macroeconomic environment remained stable. Inflation slowed to 7.3%, one of the lowest levels in the past nine years. Real household incomes increased by 9.2%, while the unemployment rate declined to 4.9%, pointing to rising employment and continued private-sector expansion. Uzbekistan’s foreign trade turnover exceeded USD 81 billion, representing a 20.7% year-on-year increase. Exports grew by 24% to USD 33.8 billion, driven by agriculture, the textile industry, energy, and raw material processing.

 

Foreign investment continued to play an important role in economic growth. In 2025, Uzbekistan attracted more than USD 43 billion in foreign investment. Over 17,000 enterprises with foreign capital currently operate in the country, with investor interest concentrated in energy, industry, infrastructure, and logistics.