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    Uzbekistan’s investment-led growth shows strong momentum, EDB says

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    By Kamol Ismailov

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    Uzbekistan’s investment-led growth shows strong momentum, EDB says

    TASHKENT, Uzbekistan, September 19.
    Uzbekistan’s GDP grew by 7.2 percent year-on-year in the period
    from January through June 2025, compared to the same period last
    year (6.6 percent).

    The data obtained by Trend from the EDB report indicates that the economic
    growth was driven by positive dynamics in key sectors. Industrial
    output increased by 6.6 percent year-on-year, agriculture grew by
    4.0 percent, and construction expanded by 10.7 percent amid active
    implementation of infrastructure and housing projects.

    The volume of services provided rose by 13.3 percent
    year-on-year in the first half of 2025. Retail turnover also
    demonstrated solid growth of 9.7 percent year-on-year, reflecting
    stronger consumer demand. The rapid expansion in services and trade
    was supported by a 9.5 percent increase in household incomes from
    January through June 2025, alongside the ongoing digitalization of
    the economy. Consumers are increasingly shifting to cashless
    payments and online services, which is expanding the market for
    financial, telecommunications, and other paid services. As a
    result, domestic demand, particularly in the services sector,
    remains a key driver of economic growth.

    Gross fixed capital investment increased by 5.5 percent
    year-on-year in the first half of 2025. Although investment growth
    has slowed compared to the high level recorded a year ago (+36.6
    percent year-on-year in H1 2024), the current figure indicates the
    continuation of an active phase in the investment cycle.

    The majority of capital investments were funded from
    non-budgetary sources: enterprise own funds (16.1 percent of total
    investment), household contributions (6.3 percent ), and foreign
    direct investment (40.2 percent). This reflects improving
    conditions for private businesses and investors.

    Government investment also remains significant (9.7 percent of
    total), focusing primarily on infrastructure and social sectors.
    Maintaining positive investment dynamics is a crucial factor in
    supporting the country’s long-term economic growth.

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