The National Investment Fund of Uzbekistan (UzNIF) recorded a net profit approaching 2.1 trillion UZS, according to International Financial Reporting Standards (IFRS), for the first half of 2026. It is worth noting that this figure was only 52.6 billion UZS the previous year.
The main factor contributing to this financial growth was the net unrealized income from stock investments valued at fair value through profit or loss. During the reporting period, these incomes reached 2.2 trillion UZS, reflecting changes in the market value of securities held in the fund's portfolio.
Furthermore, gross dividend income increased from 55.4 billion to 341 billion UZS, and operating profit grew from 55.4 billion to 2.5 trillion UZS.
As of the end of the first half, the fund's total assets reached 32.5 trillion UZS, representing a 7.2 percent increase compared to the beginning of the year. Equity capital increased by 6.1 percent to 31.7 trillion UZS, and retained earnings grew by 146.6 percent to 3.5 trillion UZS.
According to the published financial reports, the growth in indicators was mainly due to the appreciation of one of the fund's key assets—Uzbektelecom shares, which showed a 150 percent increase in the second quarter. Additionally, the Net Asset Value (NAV) of the fund increased by 9.2 percent during the reporting period.
The total aggregate income of the population of Uzbekistan for the period from January to June 2026 reached 618.3 trillion soums. This figure demonstrates a real growth of 9.2% compared to the same period last year. The data was published by the National Committee of Statistics of the Republic of Uzbekistan in a press release on July 28.
In nominal terms, the total income increased by 16.6%. The difference between nominal and real figures is due to the influence of inflation, which the agency takes into account when calculating real growth rates using the consumer price index. The average per capita income for six months was 16.1 million soums, corresponding to a real growth of 7.3%.
The average per capita income exceeded the national average only in three regions: Tashkent (45.2 million soums), which is almost three times higher than the average, Navoi region (21.7 million soums), and Bukhara region (17.3 million soums). In all other regions, the per capita income was below the national average. The lowest figures were recorded in Surkhandarya region (10.9 million soums), Namangan region (11.4 million soums), and Syrdarya region (11.4 million soums).
The fastest real growth rate of per capita income was observed in Tashkent (14.9%), Karakalpakstan Republic (13%), and Namangan region (12.6%). This indicates that some regions with a lower base level of income are growing faster than the capital. The slowest growth, ranging from 1.3% to 1.5%, was noted in Khorezm, Surkhandarya, and Syrdarya regions.
Labor activity accounted for 63.1% of the aggregate income, distributed between employed workers' wages (29.3%) and self-employment income (33.8%). Income from producing goods for own consumption amounted to 6.4%, property income to 3.8%, and transfers to 26.7%.
Employed workers' incomes grew by 24.7%, contributing 6.8 percentage points to the overall nominal income increase. The largest share of wage income was recorded in Tashkent (53%) and Navoi region (44.8%), where large industrial enterprises and corporate structures are concentrated. Self-employment income increased by 17.1%, adding 5.7 percentage points to the overall growth. This segment is significant in several regions: it accounts for 53% of the population's total income in Jizzakh region, 45.9% in Kashkadarya region, and 45% in Namangan region. In Namangan region, the growth of self-employment income reached an impressive 140.3%.
The share of income received from transfers exceeded 30% in Samarkand, Khorezm, Andijan, Fergana, Surkhandarya, Bukhara, and Kashkadarya regions. In Navoi region, the lowest share of transfers was 14.3%, as the main source of income there is employment in industrial enterprises. Among transfers, social payments accounted for 32%, while other current transfers covered 68%. Pensions dominated social payments (84.6%), followed by allowances (13.8%) and scholarships (1.6%). The agency specifically highlighted foreign remittances, which accounted for 18.2% of the total population income. These remittances were particularly significant in Samarkand (26.8%), Khorezm (26.5%), and Andijan (26.3%) regions, where a high level of labor migration is observed. The share of remittances in Navoi region was minimal at 5%.
Income from small business activities accounted for 57.6% of the total population income nationwide. Small businesses had the greatest weight in Jizzakh region (68.4%), as well as in Kashkadarya and Namangan regions (64% each), Bukhara region (62.8%), and Samarkand region (62%). The indicator fell below 50% only in Tashkent (46.2%) and Navoi region (45.9%), where corporate employment and hired labor are more developed.
