Uzbekistan’s economy expanded by 8.5% in the first half of 2026. However, to noticeably raise living standards for the country's 40-million-strong population, economic growth must accelerate to 9–10%. President Shavkat Mirziyoyev made these remarks today 21 during a videoconference meeting reviewing first-half economic performance and outlining objectives for the remainder of the year.
According to the President, industrial output grew by 8% over the six-month period, while the service sector surged by 16.9%, construction by 13.8%, and agriculture by 4.7%.
Total investment reached $28 billion, with exports hitting $14.4 billion. Shavkat Mirziyoyev also highlighted that international rating agencies Fitch and Moody’s have upgraded Uzbekistan’s sovereign credit rating by one notch.
The President demanded that provincial and sectoral leaders move beyond routine progress reports. Instead, he challenged them to explicitly identify untapped reserves, explain how they intend to mobilize them, and define the specific targets they will achieve by the end of the year.
Against the backdrop of a rapidly changing global landscape, every official must operate with contingency plans and alternative scenarios in mind, he stressed.
The meeting also featured a critical evaluation of first-half performance targets across various sectors and territories. The President noted that several provinces failed to fully capitalize on opportunities to boost gross provinceal product (GRP), expand construction, and drive investment.
President Shavkat Mirziyoyev pointed out that despite global instability, more funding is being allocated to provinces, districts, and cities to drive entrepreneurship and develop social infrastructure.
However, the President emphasized that if the work of a minister or a governor does not tangibly improve the public's quality of life or ease operations for business owners, any achieved metrics remain nothing more than "figures on paper."
The Head of State declared that under current conditions, any minister, governor, or sector head who fails to meet monthly, quarterly, or annual targets cannot simply carry on with business as usual.
The Ministry of Economy and Finance previously upgraded its economic outlook for Uzbekistan, projecting GDP to grow by 8.1% by the end of 2026, up from the initially approved 6.6%. This would mark the highest growth rate in recent years. GDP volume is expected to hover around $180 billion, with inflation targeted at 6.5%. The forecast for consolidated budget revenues has been raised by 14.3%, while expenditures have been adjusted upward by 12.5%.
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