Tashkent, February 20,2026: Comprehensive monitoring of key business activity indicators across Uzbekistan shows sustained growth across all major metrics at the start of 2026, according to the Center for Economic Research and Reforms (CERR).
Based on оперативные данные from the Tax and Customs Committees, the Central Bank, and the Uzbek Republican Commodity Exchange, CERR reported that tax revenues demonstrated stable positive dynamics, increasing by 39.2 percent in January compared to the same period last year.
The highest growth in tax revenues was recorded in the Syrdarya, Navoi, Khorezm, and Kashkadarya regions, where average growth reached around 49 percent. Personal income tax revenues rose by 15.1 percent, while property tax and land tax revenues increased by 19.6 percent and 20.3 percent, respectively.
Customs payments also showed strong performance, growing by 19.8 percent year-on-year. The most significant increases were observed in the Navoi, Jizzakh, and Namangan regions, where average growth stood at approximately 67 percent. Stable positive dynamics were also reported in the Samarkand region and the Republic of Karakalpakstan, with revenues increasing by an average of 31 percent.
Foreign trade indicators pointed to a notable expansion, with exports of goods rising by 19.5 percent. The strongest growth in export deliveries was seen in the Tashkent and Navoi regions, where exports increased on average by 47 percent.
CERR also noted an expansion in lending activity across the country. During the reporting period, the volume of loans issued by commercial banks increased by 2.7 percent. The highest growth in lending was recorded in the Samarkand, Bukhara, and Khorezm regions, averaging around 58 percent.
The active development of the private sector was reflected in a sharp rise in newly registered businesses. In January 2026, a total of 7,116 new enterprises were registered nationwide. The largest number of new businesses was recorded in the city of Tashkent with 1,712 registrations. Among the regions, Tashkent region (735), Samarkand region (610), and Khorezm region (550) led in new enterprise formation.
Activity on the Uzbek Republican Commodity Exchange also surged, with the total volume of transactions increasing 1.8 times. The most dramatic growth was seen in the Syrdarya region, where exchange activity rose 11.1 times. Significant increases were also recorded in the Khorezm, Surkhandarya, Bukhara, Jizzakh, and Kashkadarya regions, averaging 6.5 times.
The data, compiled and analysed by Sultonmurod Ozodov of CERR, highlights a strong and broad-based start to the year, underscoring resilient business activity and continued economic momentum across Uzbekistan’s regions.
