Uzbekistan's Business Activity Index Increased in September

The index has a baseline value of 1,000 points. Values above or below this level indicate an increase or decrease in business activity compared with the previous month.

Chart 1. Dynamics of Uzbekistan's Business Activity Index

Three of the Four Index Components Recorded Growth in September

In September 2026, positive dynamics were observed in three of the four components of the Business Activity Index:

• - the number of transactions involving business entities' bank accounts increased by 10.5%;
• - raw material purchasing activity on the commodity exchange rose by 87.6%;
• - the number of operating business entities increased by 1.1%;
• - the trademark component declined by 1.6%.

At the regional level, the index increased in 13 regions of Uzbekistan, while Syrdarya region recorded a decline of 7.8%.

The highest growth rates were registered in Jizzakh region (50.1%), Tashkent city (44.0%), Fergana region (43.8%), Tashkent and Namangan regions (43.0% each), and Bukhara region (40.6%).

Chart 2. Changes in the Business Activity Index by Region

Interbank Payment Transactions Increased by 10.5%

During the reporting period, the number of interbank payment transactions reached approximately 8 million, increasing by 0.8 million transactions, or 10.5%, compared with August. Year-on-year growth amounted to 28.4%.

The number of interbank payment transactions increased in 9 regions. In particular, bank transactions between legal entities rose by 13.9% in Khorezm region, 11.6% in Tashkent city, 11.0% each in Andijan and Navoi regions, 9.8% in Tashkent region, and 9.2% in Fergana region.

Declines were recorded in several regions. The number of interbank payment transactions fell by 20.6% in Surkhandarya region, 5.7% in Kashkadarya region, 4.4% in Syrdarya region, 4.3% in the Republic of Karakalpakstan, and 2.5% in Bukhara region.

The overall increase was attributable to a rise in the number of payment documents processed through the Central Bank's interbank electronic payment system.

Compared with August:

• - the number of memorial orders increased by 11.0%, or 242,600;
• - payment orders increased by 9.3%, or 429,900;
• - payment requests increased by 16.7%, or 3,000;
• - collection orders increased by 24.1%, or 78,500.

Commodity Exchange Activity Increased Significantly

In September 2026, the commodity exchange component of the Business Activity Index reached 1.8765, representing an 87.6% increase compared with August.

The average volume of goods purchased per transaction rose by 139.4%, while the number of concluded transactions increased by 35.8%.

The total value of trading in 34 major commodity categories on the Republican Commodity Exchange amounted to UZS 10,229 billion in September, an increase of 14.3% compared with the previous month.

The increase in exchange activity was driven by a sharp rise in trading volumes for several commodities.

In particular, sugar trading volume increased 544.7-fold compared with August, from 19 tonnes to 10,400 tonnes. Of this total, 10,300 tonnes were sold by Angren Shakar LLC in September.

Trading volume in industrial oil increased 387.4-fold, while trading in technical seeds rose 4.8-fold, from 15,700 tonnes to 75,800 tonnes.

Trading volumes increased by 46% for zinc metal, 42% for soda ash (sodium carbonate), and 35% for coal.

The Number of Operating Business Entities Reached 554,900

In September, the operating business entities component stood at 1.0107, increasing by 1.1% compared with August.

During the reporting period, the total number of operating business entities across all categories increased by 7,269, reaching 554,900.

In particular, the number of large enterprises increased by 32 to 4,834. The number of small enterprises rose by 7,200 to 459,100.

These figures indicate continued growth in the number of operating enterprises in September.

The Trademark Component Declined by 1.6%

In September 2026, the trademark component stood at 0.9836, decreasing by 1.6% compared with August.

During the reporting period, legal entities registered 480 trademarks and product names.

Overall Results

The 38.9% increase in Uzbekistan's Business Activity Index in September 2026 was primarily driven by stronger activity on the commodity exchange, an increase in interbank payment transactions, and growth in the number of operating business entities.

At the regional level, positive dynamics were recorded in 13 regions, while the index declined in Syrdarya region. A decrease was also observed in the trademark component.

Islombek Saparmatov

CERR