Uzbekistan’s economy grows 7.2% in H1 2025, but household income growth slows to 9.5%

Uzbekistan’s economy showed a significant acceleration in the first half of 2025, according to data released by the National Statistics Committee.

Between January and June, the country’s GDP grew by 7.2% – 60 basis points higher than in the same period of 2024 (6.6%). Inflation, measured by the consumer price index, fell from 5.2% to 4.2%. However, real growth in household income slowed from 11.9% to 9.5%.

The physical volume index of industrial production also decelerated, dropping more than one percentage point from 7.8% to 6.6%.

The construction sector recorded a modest increase, with output rising by 10.7%, compared to 10.1% in the first half of 2024.

Growth also picked up in several other sectors: retail turnover (9.7%), agriculture, forestry and fisheries (4%), retail services (13.3%), and passenger transport (6%). In contrast, freight transport growth slowed sharply – from 4% to 1.8%.

Foreign trade turnover rose by 16.1% during the six-month period. While import growth slowed to 7%, exports saw a major boost – jumping from 6.2% to 29.2% – driven primarily by gold sales and the service sector.