January 2025 was marked by an economic recovery in Uzbekistan. Key indicators such as tax and customs revenues, foreign trade, and the number of new businesses show steady growth. This indicates the activation of business and strengthening of entrepreneurship throughout the country.
Based on data from the Central Bank, the Tax Committee, the Customs Committee, and the Republican Commodity Exchange, the Center for Economic Research and Reform (CEIR) conducts a monthly analysis of business activity in the country's regions. The integrated approach makes it possible to assess the dynamics of business activity, identify trends and key factors affecting the development of the economy in different parts of the country.
Tax receipts
According to the results of January 2025, tax revenues increased by 10.3% compared to the same period last year. This confirms the stable growth of business activity.
By region, the largest increase in revenue was recorded in:
- Andijan region – 49.7%,
- Tashkent region – 47.9%,
- Namangan Region – 41%,
- Bukhara region – 30.4%,
- Tashkent – 48.6%.
Analysis of the structure of tax payments shows an increase in income tax by 11.5%, which indicates an increase in household income and employment. Property tax increased by 18%, and land tax-by 7.3%.
Customs receipts
The total volume of customs payments increased by 14.5%.
The largest revenue growth was recorded in:
- Syrdarya region – 143.5%,
- Navoi region – 67.6%,
- Bukhara region – 48.1%.
The increase in customs revenues is associated with an increase in imports for a number of key commodity items, including oil and petroleum products, electrical equipment, pharmaceutical products, wood, animal products, tobacco products and leather products.
Export and lending
Since the beginning of the year, exports of goods have increased by 8.1% compared to the same period in 2024. Significant growth is observed in:
- Surkhandarya region – 219.7%,
- Samarkand region – 28.8%,
- Khorezm region – 28.3%.
The volume of loans issued by commercial banks increased by 64.2%. The largest increase in lending was recorded in:
- Syrdarya region – 95.4%,
- Andijan region – 70.9%,
- Navoi region – 64%,
- Tashkent – 92.3%.
Creating new businesses
In January 2025, 6,126 new economic entities were registered in Uzbekistan. The largest number of new businesses appeared in:
- Tashkent – 1,528,
- Tashkent region – 601,
- Khorezm region – 489,
- Samarkand region – 485,
- Namangan region – 358.
Commodity Exchange
The volume of transactions on the Uzbek Republican Commodity Exchange decreased by 55.4%. The reason was a change in the timing of cotton trading – in 2025, trading began on February 1, while in 2024 it started on January 1.
The growth of key economic indicators indicates the positive dynamics of business activity in the country's regions and contributes to the further strengthening of the national economy.
