Based on operational data provided by the Central Bank, the Tax Committee, the Customs Committee, and the UzEx, CERR experts conduct monthly comprehensive monitoring of business activity throughout the Republic of Uzbekistan.
According to the results of monitoring for September 2025, tax revenues nationwide showed positive dynamics, rising by 17.6% compared to the same period in 2024. The regional structure of tax revenues revealed a number of positive trends. Significant growth was observed in Navoi (up 47.9%), Tashkent (up 41.4%), Syrdarya (up 36.3%), Fergana (up 35.4%), Andijan (up 32.9%), Namangan (up 30.7%) regions, and in the capital — up 40.4%.
Personal income tax revenues rose by 19.4%, indicating expanding employment, rising wages, and stronger purchasing power. Property tax revenues increased by 16.2%, reflecting the stability of the real estate market and the growing value of assets. Meanwhile, land tax revenues grew by 19.8%, linked to the inclusion of new territories in economic turnover.
Substantial growth was also recorded in foreign economic activity. Customs revenues increased by 20%. The most rapid growth was recorded in Syrdarya region, where customs receipts surged by 94.6%. Stable growth was also observed in Navoi (up 29.9%), Tashkent (up 25.9%), Namangan (up 25.3%) regions, the Republic of Karakalpakstan (up 47.8%), and the city of Tashkent (up 24.7%).
The rise in customs receipts was driven by higher import volumes across key commodity categories. Positive trends were observed in imports of technological equipment, metals and metal products, foodstuffs, plastic and rubber goods, chemical products, wood and cardboard items, paper and paper products, stone, ceramic and glass materials, mineral products, as well as tobacco and plant-based products and their derivatives.
Exports also demonstrated positive momentum, increasing by 10.3% compared to the same period last year. The most notable export growth was seen in Surkhandarya (up 80.7%), Samarkand (up 31.6%), Fergana (up 21.6%), Khorezm (up 21.2%), Syrdarya (up 16.6%) regions, and the city of Tashkent (up 11.5%).
At the same time, a substantial increase was observed in lending volumes, an important indicator of intensified investment activity. In September 2025, total loans issued grew by 41.4% compared to the same month in 2024. The highest growth rates were recorded in Syrdarya (up 84.5%), Namangan (up 50.8%), Navoi (up 43.4%), Khorezm (up 40.9%) regions, and the city of Tashkent (up 46.7%).
The dynamic development of the private sector is further confirmed by the significant increase in newly registered business entities. During September, 61,597 new enterprises were established, reflecting a favorable business climate and effective implementation of entrepreneurship support programs. The largest numbers of new entities were registered in Tashkent (6,369), Khorezm (5,351), Fergana (4,906), Samarkand (4,666), Kashkadarya (3,664), Surkhandarya (3,567), Andijan (3,380) regions, and in the city of Tashkent (14,055). These figures confirm the high level of business activity and investment attractiveness of the regions.
The total value of transactions on the UzEx during the analyzed period rose by 25.9%, indicating growing market liquidity. Transaction volumes increased in Kashkadarya (up 50.8%), Syrdarya (up 47.9%), Jizzakh (up 31.5%), Bukhara (up 30.9%), Samarkand (up 28.1%) regions, the Republic of Karakalpakstan (up 49.1%), and the city of Tashkent (up 28.8%).
The active development of financial markets remains one of the key drivers of economic growth. In this context, the increase in exchange transactions and lending volumes contributes to the creation of a stable and resilient financial infrastructure.
Sultonmurod Ozodov, CERR
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