In December 2025, the Business Activity Index reached 1,067 points, increasing by 6.7% compared to the previous month and by 22.3% compared to the corresponding period of the previous year.
In regional terms, the highest growth rate was recorded in Kashkadarya region.
Month-on-month growth of the Business Activity Index was observed in all regions of the country. The most significant increases were registered in Kashkadarya region (59.9%), Syrdarya region (53.6%), Surkhandarya region (51.9%), and Tashkent region (49.8%).
The number of interbank payment transactions amounted to 7,053.2 thousand, increasing by 1,075.6 thousand transactions, or 17.9%, compared to November 2025.
Growth in interbank payment transactions was recorded across all regions.
In 14 regions of the republic, the number of banking operations between legal entities increased compared to the previous month, with the most notable growth observed in the Republic of Karakalpakstan (53.7%), Kashkadarya region (45.6%), Surkhandarya region (39.2%), and Syrdarya region (36.7%).
The exchange component of the Business Activity Index stood at 0.9867 points in December 2025, indicating a decrease of 1.3% compared to the previous month. This was driven by a 1.1% increase in the average volume of goods purchased per transaction, while the number of concluded transactions declined by 3.8%.
The total turnover of commodity trading on the Republican Commodity Exchange amounted to 8,071 bn sums in December 2025, increasing by 15.6% month-on-month.
The component reflecting the activity of operating business entities amounted to 1.0047 points in December 2025, increasing by 0.5% compared to the previous month.
The total number of all types of operating business entities increased by 2,347 units compared to the previous month (493,863), reaching 496,212. The number of large enterprises increased by 22 units. Over the reporting period, the number of small enterprises rose from 401,462 to 403,767 units, an increase of 2,305. The number of farming enterprises increased from 88,340 to 88,362 units, or by 22. The total number of large business entities reached 4,083, increasing by 22 compared to the previous month.
The trademark protection index amounted to 1.2627 points, increasing by 26.3% compared to the previous month. During this period, legal entities registered 447 trademarks and trade names.
Total trading volumes of the 34 main commodity types on the Republican Commodity Exchange amounted to 85,239.2 bn sums in 2025, increasing by 17% year-on-year, or by 12,369.8 bn sums.
Over the same period, the number of operating business entities as of January 1, 2026 increased by 9.4%, from 453,545 to 496,212 units. The number of large enterprises grew by 11% (from 3,677 to 4,083), the number of small enterprises increased by 12.7% (from 358,116 to 403,767), while the number of farming enterprises decreased by 3.7% (from 91,752 to 88,362).
According to the analysis, the total number of payment transactions in the republic amounted to 75,742 thousand operations in 2025 and decreased by 1% compared to 2024 (by 732.2 thousand transactions), remaining at an overall moderate level. Payment transactions include the aggregate number of memorial orders, payment orders, payment requests, collection orders, and letters of credit processed through the Central Bank’s interbank payment system.
In 2025, legal entities registered 4,629 new trademarks and trade names, which is 6.4% lower than in the previous year.
Islombek Saparmatov, CERR
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