Uzbekistan has registered a strong first-quarter GDP expansion of 8.7% y/y, experiencing broad-based growth increasingly driven by services and construction, according to preliminary official data.

Gross domestic product reached UZS 447.9 trillion ($37.23bn), up from the UZS 372.8 trillion ($30.99bn) recorded a year earlier, the national statistical committee said. Looking at the 1Q outcomes from 2024 and 2023, the figures were UZS 276.9 trillion ($23.02bn) and UZS 228.9 trillion ($19.03bn), respectively.

Inflationary pressures remained evident in the first three months, with the GDP deflator rising 10.6% y/y. Price increases were most pronounced in industry (15.8%) and agriculture (13.2%), while construction (4.7%) and transport and ICT (4.8%) saw more moderate inflation.

Services continued to account for the largest share of output, though their weight in the economy declined slightly. The sector represented 56.2% of gross value added (GVA), down from 57.6% a year earlier, even as output rose 8.8% to UZS 240.1 trillion ($19.96bn).

Within services, growth was uneven. Trade expanded sharply by 19.4%, while information and communication services rose 18.3% and transport and storage increased 12.3%. By contrast, other services grew at a slower pace of 4.4%.

Industry strengthened its position, with its share of GVA rising from 27.8% to 29.2%. Output in the sector increased 8.0% to UZS 124.9 trillion ($10.38bn), supported by a 9.1% rise in manufacturing, which remains the main engine of industrial growth.

Agriculture, forestry and fisheries posted growth of 5.1%, with the segment’s share of the economy edging down slightly to 8.4%.

Construction emerged as the fastest-growing major sector, expanding by 15.0% y/y to UZS 26.4 trillion ($2.20bn). The increase was led by a 16.3% rise in building construction, alongside growth in civil engineering (10.1%) and specialised works (14.0%).

The sector’s contribution to GDP growth reached 0.9 percentage points.

Despite strong headline growth, GDP per capita rose at a slower pace of 6.7% in real terms, reaching UZS 11.7mn ($973). This compares with steady increases of UZS 9.9mn in 2025 and UZS 7.5mn in 2024, indicating that population growth continues to dilute gains.

Small businesses accounted for 45.6% of total value added, generating UZS 194.8 trillion ($16.19bn). Their role is particularly pronounced in agriculture, where they represent 94.6% of output and construction at 77.0%, while their share in industry remains comparatively low at 21.8%.

At the same time, the non-observed economy, including informal and shadow activity, declined as a share of GDP to 22.9%, from 24.8% a year earlier. In absolute terms, it amounted to UZS 102.7 trillion ($8.54bn), with household-based activity representing 15.4% of GDP and the shadow economy 7.5%.

The data point to gradual structural changes in Uzbekistan’s economy. While services remain dominant, the rising share of industry and sustained expansion in construction suggest a shift towards more diversified growth drivers.

At the same time, strong gains in trade and digital services highlight the increasing role of consumption and technology, with ICT services accounting for 3.2% of GDP, up from 3.0% in 2025 and 2.6% in 2024.