Share of informal and shadow economy in Uzbekistan drops sharply

The share of the unobserved economy, which includes both the informal economy and the shadow sector, declined from 34.8% of GDP in 2024 to 26.9% in 2025. In absolute terms, its gross value added amounted to UZS 498.04 trillion ($39.62 billion), down by UZS 7.6 trillion year on year.

The report shows that Uzbekistan’s GDP reached nearly UZS 1.85 quadrillion ($147 billion) in 2025, representing real economic growth of 7.7%. This was the highest growth rate recorded since 2021, when the economy rebounded following the COVID-19 pandemic.

The informal economy, primarily economic activity carried out by households and individuals, totaled UZS 351.04 trillion, or 19% of GDP, compared with 26.4% a year earlier. The shadow sector was estimated at UZS 147 trillion, equivalent to 7.9% of GDP, down slightly from 8.4% in 2024.

By sector, agriculture, forestry and fisheries accounted for the largest share of the unobserved economy, representing 62.6% of its total volume. The services sector followed with 26.9%, while construction accounted for 23.5%. In industry, the share of unobserved economic activity was comparatively low, at 9.4%.

The most pronounced reduction in the unobserved economy was recorded in services and construction, largely driven by a contraction of informal economic activity in these sectors, the report noted.

For comparison, in 2024 the size of Uzbekistan’s unobserved economy exceeded UZS 505 trillion ($40 billion), representing 34.8% of GDP. At that time, the informal economy stood at UZS 383.64 trillion (26.4% of GDP), while the shadow sector amounted to UZS 122 trillion (8.4%).