According to the Center for Economic Research and Reforms (CERR), the Business Activity Index (BAI) stood at 953 points in May 2026, decreasing by 4.7% compared to the previous month. At the same time, the indicator increased by 41.2% compared to May 2025.
The following changes were recorded across the index components in May 2026:
At the regional level, the BAI increased in four regions compared to the previous month. The most significant growth was recorded in Syrdarya region (31.3%), Andijan region (20.4%), Bukhara region (12.1%), and Namangan region (1.2%).
The index declined in ten regions. The sharpest decreases were observed in Surkhandarya region (-10.7%), the Republic of Karakalpakstan (-10.4%), Tashkent city (-9.3%), and Navoi region (-7.7%).
Exchange Component
The exchange component of the BAI amounted to 1.0149, increasing by 1.5% compared to the previous month and nearly doubling compared to the same period last year. The average volume of goods purchased per transaction increased by 5.7%, while the number of concluded transactions declined by 2.7%.
The total trading volume of 34 key commodity groups on the Republican Commodity and Raw Materials Exchange reached UZS 7,446 bn in May, which is 12.7% lower than in April. The main drivers of increased activity were a 38.3-fold rise in rebar trading volumes, a 1.5-fold increase in industrial oils and coal trading, and a 1.4-fold increase in AI-92 gasoline trading.
Banking Operations
The number of interbank payment transactions totaled 6.684 million during the reporting period, which is 957.1 thousand transactions, or 12.5%, lower than in April 2026. At the same time, the indicator increased by 3.7% compared to May of the previous year.
A decline was recorded across all major types of payment documents. The number of memorial orders decreased by 16.2%, payment orders by 10.1%, payment claims by 14.0%, and collection orders by 18.5%.
A reduction in the number of interbank transactions was observed in all regions of the country. The most significant declines were recorded in Syrdarya (-16.1%), Tashkent (-15.6%), Samarkand (-13.9%), and Jizzakh (-13.7%) regions.
Active Business Entities Component
This component stood at 0.9940, decreasing by 0.6% compared to the previous month. However, it increased by 10% compared to May 2025.
The number of active business entities increased by 5,164 and reached 519.9 thousand. The number of large enterprises decreased by 245 to 4,695, while the number of small enterprises increased by 5.3 thousand to 426.2 thousand. The number of farms rose by 93 to 88.9 thousand.
Trademark Component
The trademark component stood at 0.7543, which is 24.6% lower than in the previous month. At the same time, it increased by 10.5% compared to May 2025, corresponding to 38 more trademarks registered than a year earlier.
During May, legal entities registered 399 trademarks and product names.
Islombek Saparmatov, CERR
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