According to the Central Bank’s labor market review for the second quarter, wage growth remained strong across the economy, but pay levels continued to vary significantly by sector. The highest average wage was recorded in financial and insurance activities at UZS 19.1 million, followed by information and communications at UZS 17.4 million.

At the other end of the scale, average wages stood at UZS 3.5 million in agriculture and UZS 4.7 million in social services. The average wage in financial and insurance activities was therefore nearly 5.5 times higher than in agriculture.

Several sectors recorded wage growth above the national average. Pay increased by 22.8% in transportation and storage, 20.2% in social services and 19.9% in construction during the first half of the year.

Regional differences were also pronounced. Jizzakh region recorded the fastest growth in real wages at 13.3%, followed by Namangan region at 11.8% and Tashkent city at 10.7%.

The slowest real wage growth was recorded in Andijan region, where it reached 7.9%. In Karakalpakstan, real wages increased by 8.7%.

The Central Bank said the continued rise in wages was supporting household incomes and purchasing power. The 10.9% increase in real wages indicates that the growth in earnings was not solely driven by higher prices, with incomes rising even after the effect of inflation was excluded.

At the same time, the labor market showed some signs of weakening demand. The number of vacancies posted by businesses fell 9.8% year on year in the second quarter, with the largest declines reported in retail trade, manufacturing and several other sectors.

The share of businesses expecting employment to increase also fell, from 40% in March to 34% in June, according to the Central Bank’s survey. Meanwhile, the proportion expecting to reduce their workforce rose from an average of 6.6% in the first quarter to 9.2% in the second quarter.

The Central Bank expects labor demand to gradually shift away from more capital-intensive sectors such as manufacturing and construction toward labor-intensive services.

Employment itself continued to grow. The number of people employed in the economy increased 5.2% year on year in the first quarter of 2026, the fastest rate recorded in four years, according to the Central Bank.