President Shavkat Mirziyoyev chaired an expanded government meeting Monday where he outlined goals for 2026 and summarized the interim results of socio-economic development for this year, the presidential press service said.
Uzbekistan's economy grew by 7.6% in the first nine months, exceeding projected figures, with industrial manufacturing increasing by 6.8%, construction work by 14.2%, services sector by 14%, and agriculture by 4.1%.
Reportedly, gold and foreign exchange reserves increased by 35% to last year, reaching $55 billion.
Fitch upgraded the Uzbekistan's sovereign rating by one notch, and Moody's and S&P improved outlook from "stable" to "positive."
Most importantly, the results achieved would serve to improve the well-being of the people, emphasized Shavkat Mirziyoyev.
While household incomes increased by 18.4%, the volume of deposits by 35.3%, and the average wage by 19.2%. Surveys show increased confidence among the public and businesses, as well as more jobs and increased incomes, the presidential press service added.
The president noted that 6.6% of GDP growth was projected in 2026 to surpass $150 billion, investments in the economy from all sources of at least 400 trillion soums, and inflation at a level no higher than 7%.
He stressed that "all the necessary opportunities and conditions were present" to achieve these goals and pointed to the importance of increasing the accountability of ministries, sectors, and provincial administrations.
The current tax rates will be kept in 2026 draft budget. The head of state demanded that under these conditions, the revenues of the budget be increased, oversight over expenditures be stepped up, and cost reduction and increased efficiency becoming the main criteria for evaluating the performance of civil servants.
Shavkat Mirziyoyev set tasks to reduce production costs and increase competitiveness in strategic sectors, expand the participation of the private sector, reform the dividend policy of state-owned companies, analyze and abolish ineffective benefits and subsidies, reduce the shadow economy, and increase the revenues of local budgets.
He also drew particular attention to expediting the implementation of projects involving international financial institutions. It was decided to introduce a rule: new projects will be financed only after the completion of existing ones.
On the directives of the president, half of the remaining funds in the extra-budgetary funds of ministries and departments will be transferred to a single fund – for the construction of schools and the development of healthcare.
The Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov previously stated that by the end of 2025, the country's GDP will grow by 7%, and GDP per capita will surpass $3500, while inflation will be 8%.
