Uzbekistan Energy Minister calls on businesses to demand connection to power grids if conditions are met

Uzbekistan's President Shavkat Mirziyoyev emphasized that despite the country's economy growing by 8.5% in the first half of 2026, achieving a stable annual economic growth rate of 9–10% is necessary for a substantial improvement in living standards.

Overview of Socio-Economic Indicators

These statements were made on July 21 during a video conference dedicated to analyzing the country's socio-economic performance in the first half of the year and defining priorities until the end of 2026. According to Mirziyoyev, industrial production increased by 8%, the service sector expanded by 16.9%, construction showed a growth of 13.8%, and agriculture grew by 4.7% over the first six months of the year.

Investments reached $28 billion USD, and the total volume of exports of goods and services amounted to $14.4 billion USD.

Reforms and Ratings

The President also noted that international rating agencies Fitch Ratings and Moody's have upgraded Uzbekistan's sovereign credit ratings, which is attributed to the economic reforms being implemented in the country.

Requirements for State Bodies

Mirziyoyev demanded that ministers, heads of state structures, and regional authorities not limit themselves to reporting completed work, but instead present concrete proposals on utilizing internal reserves and achieving additional results by the end of the year. He added that given the changing global economic environment, every leader must prepare several development scenarios and be ready for various outcomes.

During the meeting, a critical analysis of regional and sectoral activities for the first half of the year was conducted. It was noted that some regions failed to fully utilize opportunities to increase gross regional product, attract investment, and develop the construction industry.

Government Policy and Expectations

The President announced that the government continues to increase funding for programs supporting entrepreneurship and the development of social infrastructure in the regions, especially against the backdrop of ongoing global economic uncertainty. At the same time, Mirziyoyev stressed that if the work of a minister, governor, or sector head does not improve people's quality of life or create better conditions for business, statistical indicators remain merely 'numbers on paper.' He also warned that officials who systematically fail to meet monthly, quarterly, or annual targets should not expect to retain their positions.

Forecast Adjustments

Previously, the Ministry of Economy and Finance adjusted the forecast for Uzbekistan's economic growth in 2026 upwards, raising it from 6.6% to 8.1%. According to this updated forecast, the country's GDP may reach approximately $180 billion USD, inflation is projected at 6.5%, and consolidated budget revenues are expected to increase by 14.3%, while expenditures are expected to increase by 12.5%.