A decade of growth: From headline figures to everyday change

A decade of economic reforms has reshaped investment, employment and finance in Uzbekistan. As growth continues, policymakers and international organisations are increasingly focused on whether its benefits are reaching businesses, workers and households. Uzbekistan's latest economic figures point to continued growth across key sectors. Beyond GDP, however, the government's focus is increasingly on whether that growth is translating into investment, employment and higher household incomes. Industry grew by 8%, services by 16.9%, construction by 13.8% and agriculture by 4.7% in the first half of 2026. According to the International Monetary Fund (IMF), real GDP grew by 7.7% in 2025 and accelerated to 8.7% year-on-year in the first quarter of 2026. The figures also highlight the scale of change since reforms began in 2017. Compared with 2016, nominal GDP has increased from approximately €21 billion to around €130 billion, while exports have risen from around €2.3 billion to approximately €28.5 billion. Uzbekistan climbed 66 places in the Index of Economic Freedom between 2018 and 2026. A different source of capital One significant change has been the source of investment entering the economy. Alongside public spending, private businesses, foreign investors and small enterprises now account for a growing share of economic activity. Francis Malige, Managing Director and Head of the Financial Institutions Business Group at the European Bank for Reconstruction and Development (EBRD), says confidence among investors has been built over several years of reforms. "Confidence in the country comes from a few factors, but chief among them is that this is a country with a young, growing population, a lot of entrepreneurs and a lot of dynamism. The reforms are going in the right direction,” Malige said. According to the Ministry of Economy and Finance, the number of enterprises with foreign capital has more than doubled in five years, rising from around 9,000 in 2020 to nearly 20,000 by mid-2026. Investment by small businesses has increased from approximately €1.5 billion in 2016 to around €25.5 billion in 2025, while start-up funding reached a record €290 million last year. Saidislom Saidkhonov, Head of Department at the Ministry of Economy and Finance, says the structure of the economy has become more diversified. "All sectors of Uzbekistan are expanding, with services and construction leading overall economic growth. Foreign direct investment has increased significantly, while special economic zones, technoparks and industrial clusters are helping channel private investment into manufacturing and agro-processing," he said. The government says entrepreneurship is also becoming more resilient. More than 1.24 million businesses were operating in Uzbekistan by the middle of 2026, around 55,000 more than at the beginning of the year. The number of exporters increased to almost 6,000, while small businesses accounted for more than 42% of total exports. Growth and the labour market Economic growth alone does not necessarily translate into higher living standards. A second focus of recent reforms has therefore been employment, labour-market formalisation and household incomes. Marat Jurayev, First Deputy Minister of Poverty Reduction and Employment, says programmes aimed at reducing informal employment and expanding entrepreneurship are intended to improve the quality as well as the quantity of jobs. "We are implementing dedicated programmes and research, together with other ministries and agencies, to reduce informal employment. More than nine million people have been lifted out of poverty, and we have set ourselves the ambitious goal of eliminating absolute poverty in the near future," he added. Recent government data point to a gradual shift towards more established businesses. The number of profit-tax-paying companies has continued to rise, while businesses operating for more than ten years have increased. Medium-sized enterprises employing between 11 and 99 workers have also expanded, suggesting growth is spreading beyond microbusinesses. Labour-market reforms have also focused on widening economic participation. Akiko Fujii, Resident Representative of the United Nations Development Programme (UNDP) in Uzbekistan, says legislative reforms have opened new opportunities for women. "The opportunity landscape for women has shifted dramatically due to recent legislative reforms and entrepreneurship support in Uzbekistan. Equal pay for work of equal value has been introduced, and restrictions on women's employment in a number of industries have been removed,” she told Euronews. Everyday financial change For many households and businesses, however, the most visible impact of economic reform has been in the financial system. Since the foreign exchange market was liberalised in 2017, Uzbekistan has introduced a unified exchange rate, expanded currency convertibility and moved towards a more flexible exchange-rate regime. The IMF now classifies Uzbekistan's exchange-rate system as floating. According to the Central Bank, the number of businesses carrying out foreign exchange operations rose from around 29,000 in 2019 to approximately 90,000 by the end of 2025. Fayoz Gafurov, Head of the Monetary Operations Department, says this reflects a more developed financial market. According to him, the number of businesses conducting foreign exchange operations has more than tripled. “Improvements in market infrastructure and conditions for participants have contributed to a more flexible exchange-rate environment," Gafurov said. Financial reforms have also changed how consumers pay for goods and services. Mobile banking, bank cards and QR-code payments have become increasingly common as digital payment infrastructure expands. Djamshid Usmanov, Director of the Central Bank's Payment Systems Development Department, says one of the flagship projects has been the introduction of a universal QR-code system. "The Central Bank is gradually implementing reforms to develop the payment ecosystem. One of the flagship projects has been the universal QR-code system, which allows new digital services to be tested efficiently while creating greater competition and improving services for the public," Usmanov told Euronews. As Uzbekistan pursues its next stage of growth, the focus is shifting from the pace of expansion to how consistently those reforms translate into stronger businesses, better jobs and broader economic opportunities.