Uzbekistan's GDP grows 7.6% in 9M

TASHKENT. Oct 27 (Interfax) - Uzbekistan's GDP grew 7.6% year-on-year in January-September 2025, Uzbek President Shavkat Mirziyoyev said at a meeting to discuss macroeconomic forecasts and state budget parameters for 2026, the presidential press service reported.

"The country's economy grew 7.6% in January-September this year, significantly above forecasts. Industrial production rose 6.8%, construction 14.2%, services 14% and agriculture 4.1%," Mirziyoyev said.

He said the country's gold and foreign exchange reserves grew 35% to $55 billion. International rating agencies are upbeat about Uzbekistan's economic prospects: Fitch Ratings has upgraded the country's sovereign rating by one notch for the first time, while Moody's and S&P Global have changed their outlooks from "stable" to "positive."

During the meeting, it was noted that household incomes increased 18.4%, deposits 35.3% and the average wage 19.2%.

Mirziyoyev said maintaining high growth rates until the end of the year and expanding GDP to more than $135 billion were still priorities.

The target for 2026 is to achieve economic growth of 6.6%, raise GDP to more than $150 billion and keep inflation at not more than 7%.

The president said there was every opportunity to achieve these goals, and asked for special attention to be paid to reducing costs, increasing efficiency, developing the private sector and curtailing the share of the shadow economy.

The draft 2026 budget calls for maintaining current tax rates, increasing budget revenues and tightening control of expenditure.

Other tasks included cost-cutting, increasing competitiveness in strategic sectors, enhancing the dividend policy of state-owned enterprises, reviewing ineffective subsidies and benefits and accelerating projects involving international financial institutions.

The International Monetary Fund forecasts GDP growth in Uzbekistan at 6.8% in 2025 and 6% in 2026. The World Bank has raised its forecasts for Uzbekistan's GDP growth to 6.2% in 2025 and 6% in 2026. The Asian Development Bank said in September that it still forecast Uzbekistan's economy will grow 6.6% in 2025 and 6.7% in 2026. The European Bank for Reconstruction and Development has raised its 2025 economic growth forecast for Uzbekistan to 6.7% and affirmed its 2026 forecast at 6%.