Based on real-time data from the Central Bank, the Tax Committee, the Customs Committee, and the Republican Commodity and Raw Materials Exchange, experts at the Center for Economic Research and Reforms (CERR) conduct a comprehensive monthly analysis of business activity across all regions of Uzbekistan.
This integrated approach allows for an in-depth assessment of entrepreneurial activity across various economic sectors at the regional level, identification of key development trends, and analysis of the primary factors influencing economic dynamics in each region of the country.
According to the results of monitoring, tax revenues in March 2025 demonstrated positive dynamics, increasing by 19.6% compared to the same period in 2024, indicating continued improvement in business activity.
An analysis of regional tax revenue dynamics revealed the following trends. The highest growth was recorded in Tashkent city — 49.6%. Significant increases were also observed in Tashkent (49.5%), Namangan (40%), and Andijan (39.9%) regions.
An analysis of the structure of tax revenues shows that personal income tax increased by 20.3%, reflecting higher employment and rising household incomes. Property tax rose by 21.1%, and land tax grew by 11.1%, due to the involvement of new areas in economic circulation — indicating active development of agriculture, industry, and logistics infrastructure.
Revenues from customs duties increased by 15%.
The highest growth in customs revenues was recorded in Syrdarya region, reaching 190%. Substantial growth was also seen in Navoi region (42.8%) and the Republic of Karakalpakstan (39.5%).
The increase in customs revenues is linked to higher import volumes across several key product categories.
Notable positive changes were observed in categories such as technological equipment, food products, plastic and rubber goods, chemical industry products, wood and cardboard products, textiles, tobacco, plants and plant-based goods, and leather and wool products.
Exports in March of this year rose by 7.1% compared to the same period last year. Significant export growth was registered in Surkhandarya (124.3%), Samarkand (55.8%), Bukhara (25.4%), and Namangan (11%) regions.
The volume of loans issued by commercial banks during the reporting period increased by 53.7%. The highest lending growth was observed in Syrdarya (115.2%), Namangan (60.3%), Surkhandarya (54.1%) regions and in Tashkent city (70.8%).
In March, 19,425 new business entities were established, with the largest numbers registered in Tashkent (4,459), Tashkent region (1,913), Khorezm (1,722), Fergana (1,670), Samarkand (1,416), and Kashkadarya (1,170) regions.
The volume of transactions on the Uzbek Republican Commodity Exchange increased by 30.8% during the period under review. The highest trading activity was observed in Kashkadarya (113.8%), Surkhandarya (80.2%), and Jizzakh (67.5%) regions.
Sultonmurod Ozodov, CERR
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