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Review.uz/en - Economic Review

Information and analytical portal of the "Economic Review" Journal. ✔️Official channel of Review.uz Editorial team: @CERRUZB 78 150 02 02 (417) Advertising: 78 150 02 02 (432) In English:@review_en In Uzbek:@reviewuznews In Russian:@reviewuz

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🔝Uzbekistan’s Export Performance in Q1 2026

At the end of Q1 2026, the republic’s exports of goods and services demonstrated a steady growth trend.

📊During the reporting period, exports totaled $5.8 bn, increasing by 26%, or $1.2 bn, compared to the same period last year.

📉Export growth was driven primarily by the expansion of shipments of higher value-added products and raw materials. Positive dynamics were also observed in manufacturing industries. Sustained growth was also recorded in agricultural and food exports. Strong growth was also achieved in services.

⬆️Export growth was recorded in 147 districts and cities across the republic.

🌐 The geography of exports continues to expand. In January–March of the current year, previously non-exported goods worth $162 mn across more than 140 product categories were supplied for the first time to 86 countries, including the United States, Austria, Belarus, Poland, South Korea, Iran, Kazakhstan, and Afghanistan.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🏛Uzbekistan’s State Budget Revenues Reached 103 Trillion Soums in Q1 2026

In Q1 2026, steady growth in the revenues of the State Budget of the Republic of Uzbekistan was ensured. During the reporting period, budget revenues totaled 103 trillion soums, increasing by 35% compared to the same period last year.

📊As a result of the ongoing fiscal and tax policy, the financial capacity of local budgets continues to expand. In particular, funds retained at the disposal of local budgets increased by 21% and reached 2.2 trillion soums. At the same time, 1.1 trillion soums was transferred from the republican budget to local budgets in order to support the regions.

📉Measures aimed at increasing financial independence at the district level also significantly expanded local budget capacity.

📊Positive results were also recorded in tax revenues. Regionally, tax revenues increased by 25%, or 5.4 trillion soums.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🇺🇿Uzbekistan’s Economy Maintained Strong Growth Momentum in Q1 2026

GDP growth accelerated to 8.7%, inflation declined to its lowest level in recent years, investment reached a record high, and exports continued to expand steadily.

📉At the end of Q1 2026, Uzbekistan’s economy demonstrated solid growth and resilience across key areas. GDP at current prices amounted to 447.9 trillion soums, or $36.9 bn. Real economic growth reached 8.7%, which is 1.9 percentage points higher than in the same period last year and above earlier expectations. This was the strongest quarterly result over the past year.

📊The positive trend in reducing the non-observed economy also continued. Its share declined from 24.8% to 22.9%.

📊Industrial output reached 289.3 trillion soums by the end of the quarter, exceeding forecast parameters by 2.44 trillion soums.

👀Investment activity reached a record level. Investment in fixed capital and development projects totaled $12.85 bn, increasing by 41.5%. Foreign direct investment rose by 45.7% to $8.84 bn. During the quarter, 1,508 new projects with a total value of $1.185 bn were launched nationwide.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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📊This year, 140 trillion soums is being allocated through banks for the development of small and medium-sized businesses. For every 1 billion soums in loans extended to small businesses, 20 permanent jobs have been created in Shirin, 17 in Uchkuduk, 14 each in Khanabad and Sokh, and 13 in Tomdi District.

🏛An “AI Advisor” platform will be launched in banks. The platform will help entrepreneurs analyze project parameters, risks, and market demand using AI, while providing ready-made solutions.

📸 In the Q1, nearly 3 million foreign tourists visited Uzbekistan, while tourism exports reached $1.1 bn.

✈️Up to 4 million soums is being reimbursed for each pedigree cattle imported by air, while 50% of transport costs are being compensated for meat imports.

🖥A $100 million financing facility has been allocated for electrical equipment exports, along with access to unsecured working capital loans.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🇺🇿 https://review.uz/en/nfa on Ensuring Economic Growth Across Regions and Sectors

A video conference chaired by President Shavkat Mirziyoyev is underway, focusing on a critical review of first-quarter performance across sectors and regions, as well as priorities for the remainder of the year.

⬆️At the end of the Q1, GDP increased by 8.7%, industrial output by 8.0%, services by 16.1%, and agriculture by 5.1%.

🔝 Exports totaled $5.8 bn, while foreign investment reached $13.7 bn.

📉Annual inflation declined to 7.1% for the first time. As a result, budget revenues in January–March rose by 35% year-on-year to 103 trillion soums.

🔝An additional 2.2 trillion soums was generated in local budgets. Importantly, 1.4 trillion soums of this amount remained at the disposal of districts and cities.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🫥 First Quarter Shows Rising Business Activity Across Uzbekistan’s Regions – CERR

📍A comprehensive monitoring of key indicators of business activity across the regions of Uzbekistan points to growth across all major metrics.

📝 The monitoring results for March 2026 showed that:

🔼 The volume of tax revenues increased by 54%
🔼 Revenues on customs payments increased by 19.5%
🔼 The volume of exports of goods increased by 30%
🔼 The volume of loans issued by commercial banks increased by 9,1%

⬆️Over the reporting period, the volume of transactions on the Uzbek Republican Commodity Exchange increased by 20.8%.

Sultonmurod Ozodov, CERR

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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2️⃣In annual terms, the average price per square meter in the secondary market increased by 5%.

1️⃣In the primary housing segment, price growth outpaced the secondary market. Compared with March of last year, the average price per square meter increased by 8.8%.

👀In March, the average residential rental rate in Tashkent stood at around $8.9 per square meter, which is 2.7% higher than the previous month and 10.8% above the same period last year.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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🏠Uzbekistan’s Housing Market Accelerated in March

🔍Housing transactions surged amid the transition to new settlement mechanisms. Activity increased across all regions of the country; in Tashkent, the primary market outpaced the secondary segment, while rental rates continued to rise.

📊In March, the volume of housing transactions reached 43.6 thousand deals, which is 47% higher than in the previous month.

The surge in activity in March was partly driven by the transition to escrow account settlements, which came into force in April. The new settlement procedure for housing purchases may have supported additional demand and shifted part of transactions to an earlier period.
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📊The capital city accounted for around 34% of the total number of transactions. Sales volume in Tashkent increased by 44% over the month and reached approximately 12.8 thousand deals.

Jaloliddin Usmonov, CERR

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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📉At the end of the month, the secondary housing market recorded a moderate price increase of 0.4%. In annual terms, price growth remained at a higher level.

📊The highest price growth rates were recorded in Syrdarya Region at 22%, Samarkand Region at 18.7%, and Andijan Region at 17.6%.

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Review.uz/en - Economic Review

28 апр. 2026 г., 14:11

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1️⃣In March, sales of new passenger cars totaled around 31 thousand units, up by more than 13% compared to the previous month. In annual terms, growth reached 37%.

2️⃣ Sales of used passenger cars totaled 47.5 thousand units, increasing by 23% compared to the previous month. On an annual basis, growth amounted to 12%.

♻ Sales of EVs in the primary and secondary markets totaled 5.5 thousand units, up by 24% compared to the same period last year.

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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⬆️Reconfiguring the Global Oil Map

The Economist notes that, amid the conflict around Iran, oil and gas companies are increasing investment in Africa as a key alternative to the Middle East.

As global oil markets convulse with each new development in the Iran war, producers are weighing the lasting ramifications of the conflict. One thing is certain: alternatives to the Middle East’s abundant hydrocarbons will remain in high demand. But where can they be found?
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Africa—a continent that attracted little attention from most supermajors over the past decade. That, too, is changing. Even before the war, spending plans pointed to a notable increase in investment. According to Wood Mackenzie, upstream oil and gas investment in Africa by the industry’s seven largest Western companies is expected to total $64bn between 2026 and 2030, up from $41bn in the previous five years. Its share in overall upstream investment will rise from 10.6% to 13.5%. With the Middle East engulfed in conflict, this expansion could accelerate further.
Renewed interest in Africa is supported by both promising geology and technological advances. The continent holds vast offshore potential in particular. Of the 42 “high-impact” oil wells identified globally by Rystad, 17 are located in Africa. Most are classified as ultra-deepwater, meaning depths of 1,500 metres or more. Such wells can deliver enormous returns but are also complex and costly to develop.
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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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📁#Infographics: Uzbekistan's Trade with CIS Countries in January–February 2026

📍In January-February 2026, the CIS countries accounted for 37.8% of the foreign trade turnover of the Republic of Uzbekistan.

✔️The foreign trade turnover of the Republic of Uzbekistan with the CIS countries in February this year increased by 31.8% and amounted to $4.4 billion

◼️exports – $1.6 bn (+27%)
◼️imports – $2.8 bn (+34.8%)

✔️The largest shares of foreign trade turnover with the CIS countries were with Russia (48%), Kazakhstan (19%), Belarus (4%) and Turkmenistan (4%).

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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♻ Supply Shock and the Shift to Clean Energy

The New York Times highlights that the current energy crisis, driven by disruptions in oil and gas supplies, could surpass the scale of the 1970s shocks while simultaneously accelerating the global transition toward more sustainable and electrified energy systems.

Sri Lanka and Myanmar are rationing fuel. The Philippines has instituted four-day workweeks to conserve gasoline and electricity. Bangladesh briefly closed its universities to reserve power for homes and businesses. Across India, families and restaurants are cooking over wood fires for want of gas. Airlines are canceling flights. As painful as the first phase of the energy crisis set off by the war with Iran has been, what comes next will be worse.
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Countries such as India, Indonesia and Vietnam are responding to higher gas prices by burning more coal. But over the long term, this shock will accelerate a turn toward cleaner technologies, especially in Asia and Europe. This is the first oil crisis in which clean alternatives to oil and gas — solar panels, wind turbines, electric vehicles and batteries — are both inexpensive and widely available.
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Since the war started, the stock market valuation of each of China’s three biggest battery companies has increased by roughly 20 percent, or $70 billion altogether. For governments weighing how quickly to pivot to clean energy, Pakistan’s recent history may offer some lessons. The country was hit hard by the energy shock that followed conflict in Ukraine in 2022. It was unable to afford suddenly exorbitant gas imports, so many of its scheduled shipments were rerouted to wealthier European buyers. But a deluge of inexpensive solar panels from China has transformed Pakistan’s energy system and helped insulate it from the current scarcity of liquefied natural gas.

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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📊 #Infographics: Uzbekistan's Trade with Central Asian Countries in January-February 2026

📈 By the end of February 2026, the volume of Uzbekistan's foreign trade with Central Asian countries reached $1.2 billion, which is 10.7% of the total volume of foreign trade.

➡️ Exports amounted to $384.7 million (+17.5%)
⬅️ Imports amounted to $859.6 million (+34.3%)

📊 The largest share in Uzbekistan's trade turnover with Central Asian countries was accounted for by Kazakhstan – 67%, the rest: Turkmenistan – 12%, Kyrgyzstan – 11% and Tajikistan – 10%.

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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📊#Infographics: Uzbekistan's foreign trade in January-February 2026

📶Uzbekistan's foreign trade turnover in January-February 2026 amounted to $11.6 billion (+7.1%)

➡️Exports in foreign trade turnover amounted to $3.5 billion

✔️In the structure of exports, goods amounted to $2 billion and services to $1.5 billion

⬅️Imports in foreign trade amounted to $8.1 billion (+29.8%)

✔️In particular, goods were imported for $7.3 billion and services for $844 million

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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⚡️Electrifying the Global South: Integration, AI, and Private Capital

The Project Syndicate article highlights that accelerating electrification in the Global South requires integrating energy systems, leveraging AI, and ensuring predictable policy frameworks to attract private capital, as demonstrated by the experiences of India and Nigeria.

Since the turn of the century, India has nearly doubled the share of its households that are connected to electricity, from 56% in 2000 to nearly 100% today. In doing so, it has made one of the world’s largest contributions to reducing the global electricity deficit, from 1.4 billion people to 700 million. Now, Nigeria – currently among the countries with the largest unelectrified population globally – might be on the cusp of a similar energy transformation.
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In Nigeria, the government has mandated that distribution companies source 10% of electricity from embedded generation, including 5% from renewables. Moreover, a network of interconnected mini-grids, linked to existing, but currently unreliable, grid infrastructure, will deliver reliable energy access to hundreds of thousands of homes and businesses.
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India’s Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan scheme promotes solar-energy adoption in agriculture, thereby boosting farmers’ incomes and energy security, while reducing emissions. Launched in 2019, PM-KUSUM has already led to the solarization of over two million irrigation pumps, which previously used diesel, improving the livelihoods of more than 600,000 farmers.
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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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🇺🇿🇦🇲Infographics: Trade, Economic and Investment Cooperation between Uzbekistan and the EAEU Member States

#CERR has prepared an infographic on the indicators of trade, economic and investment cooperation between Uzbekistan and the EAEU member states over a 9-year period.

Uzbekistan’s trade with EAEU countries is conducted under a free trade regime.

📊 Over the period 2017–2025, Uzbekistan’s trade turnover with EAEU countries increased 2.8 times, from $7.2 bn to $20.2 bn. Exports grew 2.1 times, from $3.3 bn to $6.9 bn, while imports rose 3.4 times, from $3.9 bn to $13.3 bn.

📈 The bulk of Uzbekistan’s trade with EAEU countries is concentrated in Russia (64.4%) and Kazakhstan (24.7%), followed by Kyrgyzstan (5.9%), Belarus (4.8%), and Armenia (0.2%).

🔝 As of March 1, 2026, more than 5,000 enterprises with investments from EAEU member states operate in Uzbekistan. In 2025 alone, $3.7 bn in investments were attracted from EAEU countries, including: Russia – $2.6 bn, Kazakhstan – $870 mn, Kyrgyzstan – $197 mn, Belarus – $76.5 mn, and Armenia – $4.7 mn.

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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🛢Which Countries Depend the Most on Persian Gulf Oil and Gas

The New York Times notes that disruptions in supplies from the Gulf are increasing pressure on energy-dependent countries and raising global inflation risks.

In 2024, nearly 21 million barrels of oil a day crossed through the Strait of Hormuz, the narrow passageway connecting the Persian Gulf to the world. Four-fifths of that supply went to Asia. China has long been the biggest purchaser of oil and gas from Persian Gulf nations. And with more than a third of its total supply coming from the region, the disruption is significant for Beijing. But other countries are almost entirely reliant on the region for their energy needs.
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Pakistan has considered imposing a four-day workweek, and remote school and work, in order to preserve energy stockpiles. A state-led fund in Thailand, to subsidize the cost of fuel when prices surge, plunged into a deficit this month. In India, where the economy depends on the Middle East for roughly 40 percent of the country’s oil imports and 80 percent of its gas, a shortage of cooking gas is squeezing households.
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African nations, like many other countries in the global south, could feel the disruption unevenly. Seychelles, the island nation off the east coast of Africa, imported almost all of its energy from Gulf states in 2024. Mauritius has had a similar reliance, while Nigeria, an oil-rich state and a member of the OPEC Plus oil cartel, has traditionally imported relatively few fossil fuels from the Middle East.
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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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↔️From Hammer to Scalpel
Uzbekistan in the Global Market for Skilled Labor

👥 In the 2nd issue of the journal Economic Review, World Bank economist Mikhail Lokshin and CERR expert Ziyoda Rizaeva examine the transformation of Uzbekistan’s role in the global labor market.

📝The authors analyze the shift in global competition toward skilled labor and assess the extent to which Uzbekistan can convert its demographic potential into a sustainable economic advantage.

🔎The focus is on the transition from mass labor migration to a model based on the export of skills and competencies.

Economic Review Journal https://review.uz/journals/view/2-313-2026

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Review.uz/en - Economic Review

17 апр. 2026 г., 02:46

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🇺🇿🇹🇯 Infographics: Trade, Economic, and Investment Cooperation between Uzbekistan and the United States

The President of the Republic of Tajikistan, Emomali Rahmon, will pay a state visit to Uzbekistan on March 26–27 of this year. CERR has prepared an infographic presenting key indicators of trade, economic and investment cooperation between Uzbekistan and Tajikistan over a 9-year period.
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👁 Between 2017 and 2025, trade turnover between Uzbekistan and Tajikistan increased 3.8 times from $237.9 mn to $912.4 mn.
🔝 Exports grew 3.7 times to $683.1 mn.
🔝 Imports rose 4.4 times to $229.3 mn.

📊 In 2025, compared to 2024, trade turnover increased by 29.9%, exports by 24.1%, and imports by 13.8%.

🪧 As of March 1, 2026, there are 420 enterprises in Uzbekistan with Tajik investment.

🔝 Over 2017–2025, the total volume of attracted FDI and loans from Tajikistan amounted to $373 mn.

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