Based on operational data from the Central Bank, Tax Committee, Customs Committee, and the Republican Commodity and Raw Materials Exchange, experts from the Center for Economic Research and Reforms (CERR) conduct a comprehensive monthly analysis of business activity across all regions of Uzbekistan.
This comprehensive approach allows for an analysis of entrepreneurial activity across various sectors of the economy at the regional level, assessment of trends and patterns in business development, and identification of key factors influencing economic dynamics in each region of the country.
According to monitoring results, tax revenues in 2024 demonstrated positive dynamics, increasing by 20.3% compared to 2023, indicating a steady improvement in business activity.
An analysis of regional tax revenue trends revealed the following: Tashkent region recorded the highest growth in tax revenues — 15.2%; Fergana, Khorezm, and Surkhandarya regions also showed significant growth — by 13.9%, 13.5%, and 12.7%, respectively. In the Republic of Karakalpakstan, tax revenues increased by 15%.
The structure of tax revenues showed income tax increased by 18.3%, indicating higher employment rates and increased household incomes.
Property tax grew by 33.5%, and land tax increased by 19.2%.
Customs revenue collections increased by 8.1%.
The highest growth in customs revenues was observed in Syrdarya region — 87.5%, Kashkadarya region — over 70%, Navoi region — 29.8%, Khorezm region — 22.8%.
The increase in customs revenues is attributed to the growth in import volumes of key commodity categories, particularly: oil and petroleum products, electrical equipment and components, pharmaceutical products, timber, animal feed and livestock products, tobacco products, plants and plant-based products, leather goods.
Since the beginning of 2024, exports of goods increased by 12.3% compared to the same period last year.
Regions with the highest export growth: Navoi region — 60.6%, Khorezm region — 35.9%, Fergana region — 23.3%.
The volume of loans issued by commercial banks in 2024 increased by 14.3%.
The highest credit growth was recorded in Kashkadarya region — 19.4%, Fergana region — 16.3%, Namangan region — 12.3%, Tashkent city — 23.5%.
In 2024, a total of 74,783 new business entities were established, with the highest number of registrations in Tashkent region — 6,668, Khorezm region — 6,552, Samarkand region — 6,091, Fergana region — 5,826, Tashkent city — 16,427.
The volume of transactions on the UzEx increased by 22.4%.
Regions with the highest growth in exchange activity: Karakalpakstan — 69.8%, Khorezm region — 63.7%, Syrdarya region — 51.2%, Surkhandarya region — 49.2%, Bukhara region — 45.9%, Jizzakh region — 38.5%.
The increase in trading volumes was driven by the growth in sales of key commodities, including: cotton fiber, petroleum products, building materials, cement, wheat, mineral fertilizers, seeds and vegetable oil.
The expansion of exchange transactions indicates higher activity among legal entities and increased incomes for individuals, which in turn boosts business activity through demand-driven factors.
Sultonmurod Ozodov, CERR
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