Fixed capital investments in Uzbekistan up 15.2% year-on-year

After a highly active 2024, when fixed capital investments rose by almost 39%, 2025 marks a return to a more moderate growth path, according to data from the National Statistics Committee.

During the first nine months, UZS 443.6 trillion worth of investments were utilized, up by 15.2% year-on-year. Analysts note that this steady growth amid a restrained fiscal policy suggests a sustainable investment trend.

Interestingly, by mid-year the growth rate stood at only 5.5%. The third quarter, however, saw a revival of investment activity, driven primarily by private and foreign capital.

Structure of investments

Funds from centralized sources – such as the state budget and government programs – increased by 11.9%, reaching UZS 43.4 trillion. However, their share in the overall investment structure declined slightly, from 10.1% to 9.7%. Experts believe the authorities are aiming to maintain balance – supporting infrastructure projects while keeping budgetary pressure under control.

The main driver continues to be non-centralized sources, including corporate funds, bank loans, and foreign direct investments. These rose by 15.6%, reaching UZS 400.2 trillion, compared to a 6.6% increase in the first half of the year.

Sectoral dynamics

The manufacturing sector remains the largest recipient of investments, accounting for 27.3% of the total. Although its share declined slightly compared to last year, demand for capital in machinery and the chemical industry remains strong.

The mining sector, by contrast, saw its share drop from 13.2% to 9.9%, likely due to the completion of several major projects and a shift toward raw material processing. Energy supply and gas distribution continued to account for about 14% of total investments.

Agriculture showed notable growth, with its share of total investments nearly doubling to 8.8%. The sector is emerging as a new growth point, supported by modernization in processing and the introduction of water-saving technologies. Residential construction also strengthened, rising from 5.2% to 7.2%.

Investor confidence indicator

Over the nine-month period, Uzbekistan attracted USD 34.5 billion in foreign investments and loans, of which USD 24.9 billion were directed to fixed capital. Direct investments showed particularly strong growth, increasing 1.5 times to USD 14.4 billion – a sign of investors’ growing confidence in the country’s economy.

The share of state-guaranteed loans remained at 5%, although their volume rose by 22.6%. Economists note that the government is seeking to keep debt levels under control while maintaining steady inflows of external financing.

Overall, 2025 has been a year of structural adjustment rather than rapid expansion for Uzbekistan’s investment sector. The share of public investments continues to decline, while private and foreign sources play a greater role. The focus is shifting toward industries with higher added value and projects in infrastructure and the social sphere.