Uzbek economy grows 8.5% as services and investment expand
Official figures presented at a presidential review showed investment reaching €24.6 billion and exports €12.7 billion in the first half of 2026, as Moody's upgraded Uzbekistan's sovereign credit rating and Fitch shifted its outlook to positive.
Uzbekistan's economy grew 8.5% in the first half of 2026 compared with the same period a year earlier, according to official figures presented at a meeting chaired by President Shavkat Mirziyoyev, as the country posted its strongest credit rating upgrades in years.
Investment reached approximately €24.6 billion in the six-month period, with exports at around €12.7 billion. Services expanded by 16.9%, construction by 13.8%, industry by 8% and agriculture by 4.7%.
Moody's upgraded Uzbekistan's sovereign credit rating from Ba3 to Ba2 in June, while Fitch kept its BB rating but shifted the outlook from stable to positive. Both moves reflect growing confidence among international investors in the trajectory of reforms launched after 2017.
Mirziyoyev called on regional and sector leaders to extract more value from existing investment, industrial and export projects.
"To improve the living standards of our 40 million people, economic growth of 9% to 10% is essential," Mirziyoyev said.
From agriculture to industry
The ministry of economy and finance attributed the first-half figures to a structural shift that has reshaped Uzbekistan's economic base since 2017, when the government launched a programme of foreign-exchange liberalisation, trade opening, privatisation and monetary reform.
Saidkhonov Saidislombek, a department head at the ministry, told Euronews that agriculture's share of gross value added was reduced from 27.3% in 2017 to 17.3% in 2025, as faster growth in industry and services changed the composition of the economy.
Industry's share rose from around 22% to nearly 27% over the same period, while services climbed from 43.7% to 48.6%.
Gross fixed capital formation reached €41.3 billion by the end of 2025, up from approximately €12.3 billion earlier in the reform period. The investment-to-GDP ratio rose from 19.5% to about 32%. Exports increased from roughly €10.6 billion in 2017 to €29.9 billion in 2025.
Koba Gvenetadze, the IMF Resident Representative in Uzbekistan, said the reforms included a new central bank law that had "strengthened credibility and independence" at the Central Bank of Uzbekistan.
He said greater exchange-rate flexibility was a necessary condition for the shift toward inflation targeting and for making the economy more resilient to external shocks.
The presidential review examined whether investment agreements were being converted into actual output and exports. Agreements reached during 52 high-level visits cover 1,617 investment projects worth approximately €187.3 billion.
The presidency said implementation was uneven and instructed officials to address barriers in certification, working capital access, logistics and market entry abroad.
Employment formalisation a gradual process
Regional employment agencies have been tasked with expanding vocational training and linking infrastructure programmes more directly to job creation. Officials were told to focus on household incomes for the remainder of 2026.
Andrin Fink, programme officer at the Swiss Agency for Development and Cooperation, said he had observed "a lot of reforms and a lot of efforts" to formalise employment but cautioned against expecting a rapid transition.
"It is of course a very big transition," he told Euronews, adding that it would require "a big effort and maybe a little bit of time." Formal employment gives workers access to social insurance, pensions and other protections.
Switzerland and Uzbekistan's employment ministry have developed an online commentary on the Labour Code adopted in 2023, intended to help workers and employers understand how the legislation applies outside the country's largest cities.
Regional proposals on risks across industry, infrastructure and exports are due by 15 August, and will feed into Uzbekistan's budget, investment and export planning for 2027.
