The Center for Economic Research and Reforms presented its monitoring of regional business activity in the Republic of Uzbekistan for 2025.
The analysis is based on operational data from the Tax Committee, the Customs Committee, the Central Bank, and the Republican Commodity Exchange.
By year-end, tax revenues demonstrated a steady positive trend, increasing by 24.3% compared to the previous year. The most pronounced growth was recorded in Navoi, Syrdarya, and Tashkent regions, as well as in the city of Tashkent, where average growth rates amounted to around 40%. Across the republic, personal income tax revenues increased by 19.9%, property tax by 17.8%, and land tax by 22.2%.
Customs payments rose by 20.8% year on year, with the highest growth recorded in the Syrdarya region at 52.5%. Stable positive dynamics were also observed in Jizzakh, Tashkent, Navoi, and Namangan regions, as well as in the Republic of Karakalpakstan, where revenues increased on average by 30.7%.
According to the analysis of foreign economic indicators, merchandise exports grew by 17.5%. The most significant increase in export shipments was observed in the Surkhandarya region, nearly 80%, as well as in the Samarkand region, at 30%.
At the same time, a substantial increase in lending activity was recorded. Over the year, the volume of loans issued by commercial banks increased by 35.8%. The highest growth was observed in the Syrdarya (+71.1%), Samarkand (+46.6%), Andijan (+43.8%), and Bukhara (+43.2%) regions. In addition, credit growth in the Namangan and Navoi regions exceeded 38%.
Active development of the private sector is confirmed by a significant increase in the number of newly registered economic entities. In 2025, a total of 79,655 new enterprises were registered, indicating a favorable business climate. The largest number of new businesses was registered in the city of Tashkent (18,324). Among the regions, leaders were the Tashkent (8,366), Khorezm (6,483), Samarkand (6,314), and Fergana (6,163) regions.
Over the year, the volume of transactions on the Uzbek Republican Commodity Exchange increased by 22.3% compared to the previous year. Growth in exchange activity was observed in most regions of the country, particularly in the Bukhara region, where activity increased by 46.9%. Growth was also recorded in the Syrdarya, Samarkand, Jizzakh, and Fergana regions, averaging 36.5%.
Sultonmurod Ozodov, CERR
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