According to an analytical report by the Eurasian Development Bank (EDB), released on the 35th anniversary of Uzbekistan's independence, the country's economy is demonstrating stable indicators. In 2025, Uzbekistan's GDP increased by 7.7%, and in the first half of 2026, economic activity accelerated to 8.5%.
The Bank noted that the growth rate in 2025 was among the highest in the last decade and more than doubled the global average of 3.4%. The main drivers of growth were consumer demand, investments, and the expansion of the service sector. In the first six months of 2026, retail trade grew by 20.2%, capital investments increased by 17.5%, and market services by 16.9%. Meanwhile, real household incomes grew by 9.2%, exceeding the overall GDP growth.
Inflation in Uzbekistan reached a historical low of 5.5% in May 2026 and, thanks to monetary policy measures, is expected to approach the Central Bank's target of 5%. Industrial production in the first half of 2026 increased by 8%, with manufacturing accounting for 86.3% of the total industrial output. Under the national industrial development program for 2026, the launch of 782 industrial and infrastructure projects is planned.
Foreign direct investments (FDI) from Eurasia and Asia reached $39.6 billion, more than 2.5 times the figure from five years ago. China remains the largest investor, increasing its investments fivefold to $11.5 billion, while Gulf countries have increased their investments more than 20fold to $9.8 billion. Russia ranks second among investors, accumulating about $10 billion in FDI by the end of 2025. Turkey and the Republic of Korea are also highlighted as leading sources of capital.
The structure of foreign investments has significantly shifted towards the energy sector. If the share of accumulated FDI in the sector was 2% in 2020, it rose to 42% by 2025, or $16.6 billion, driven by renewable energy projects.
International financial institutions approved $26.6 billion in investments over the past five years, including $7.6 billion in non-sovereign financing without government guarantees. Non-sovereign operations increased 12fold over the last 15 years, rising from an average of $100 million annually during 2008–2010 to $1.5 billion annually in 2023–2025. In the first half of 2026 alone, international creditors approved over $700 million in non-sovereign financing.
Uzbekistan joined the Eurasian Development Bank in 2025. As of the end of June 2026, the bank's total portfolio includes 348 projects worth $22.1 billion, focused on transport, digital systems, green energy, agriculture, and industry. As part of its strategy for the 2022–2026 period, EDB is implementing three key initiatives: The Central Asian Water and Energy Infrastructure Complex, the Eurasian Transport Network, and the Eurasian Trade Network.