Thursday, 08, October, 2026

Economy

A meeting of the intergovernmental commission on economic cooperation between Uzbekistan and Russia, as well as the Council of Regions of the two countries, was held in Fergana Tuesday, the press service of the government commission on investment attraction, industrial development and trade regulation reported.

Inflation in Uzbekistan rose to 0.7% in September, its highest monthly rate since the beginning of the year, the National Statistics Committee reported.

Shavkat Mirziyoyev was briefed on major projects under way in the oil and gas sector. The presentation also covered another large project: efforts to increase output and restore financial health at the Fergana oil refinery.

Five new gas fields have been discovered in Uzbekistan since the start of the year. This was reported at a presentation of oil and gas projects to President Shavkat Mirziyoyev, his press service said.

Uzbekistan's output of natural gas, oil, coal and gas condensate fell in January-August 2026 compared with the same period last year, the National Statistics Committee said.

Uzbekistan's international trade rose by $4 billion, or 7.6%, in January-August from a year earlier, according to the National Statistics Committee.

Uzbekistan's total external debt reached $84.1 billion as of July 1, 2026, up $11.9 billion, or 16.5%, from a year earlier, according to a Central Bank review. A year earlier, the figure stood at $72.2 billion.

Rising employment and wages in Uzbekistan have driven a historic reduction in poverty in recent years, according to a new World Bank report, "Uzbekistan Poverty and Equity Assessment." The report examines progress in cutting poverty and expanding the middle class, and outlines measures that could help lock in these gains and extend their benefits to a wider share of the population.

Uzbekistan has announced new support measures for cotton growers, agro-industrial clusters and exporters of finished textiles, as weaker global demand for cotton and higher logistics costs weigh on the sector. President Shavkat Mirziyoyev announced the measures on Sept. 24 at a meeting in Andijan.

On 18 September, as part of his visit to the Karakalpakstan, President Shavkat Mirziyoyev participated in a commissioning ceremony for new energy facilities and launched the construction of the 1.5 GW Kungrad Wind Farm, implemented by Saudi company Acwa in Uzbekistan. The project also entails building the necessary grid infrastructure to integrate power generation into the national unified energy system.

The Central Bank intends to maintain tight monetary conditions until the decline in inflation becomes sustainable and the rate approaches the 5% target. Central Bank Governor Timur Ishmetov made the statement today at the International Public Assets Management Forum in Tashkent.

Uzbekistan and Pakistan have discussed mechanisms to achieve their targeted $2 billion bilateral trade volume, Dunyo News Agency reported.

State budget revenue rose by 63 trillion soums in the first half of 2026, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov told senators at a Senate session Tuesday.

Russia has emerged as the top buyer of Uzbek goods, leading a trade surge that spans across Asia and Europe. According to the latest report from the National Statistics Committee, a small group of core partners bought the vast majority of Uzbekistan's outbound trade during the first seven months of the year.

Uzbekistan plans to sell government stakes in a number of major companies, under a list approved by the August 28 presidential decree aimed at reducing the state's role in the economy.

Uzbekistan's per capita gross domestic product (GDP) reached 27,950,100 soums (approximately $2,349) in the first half of 2026, the State Committee on Statistics said in a report.

Uzbekistan's large enterprises produced 21.6 billion cubic meters of natural gas between January and July, down 15 percent from 25.4 billion cubic meters in the same period last year, according to the State Statistics Committee.

Uzbekistan's international trade turnover reached $49.5 billion in January-July 2026, up 8.1 percent from the same period a year earlier, the State Statistics Committee said in a report.

Uzbekistan is working toward eliminating poverty entirely by 2030, Farrukh Toshpulatov, an official at the Ministry of Employment, told the Renaissance television channel this week — a target officials say is now within reach after the country's original goal was met years ahead of schedule.

Uzbekistan intends to diversify the sources of its foreign direct investment rather than concentrate on a single region or country, the Central Bank Governor Timur Ishmetov said in an interview with the Financial Times.