Uzbekistan's Economic Surge Broadens as Services Sector Shows Robust Expansion

Source: President of the Republic of Uzbekistan, "President outlines priorities to sustain high economic growth and improve living standards," July 21, 2026.

https://www.president.uz/en/lists/view/9426/

A remarkable transformation is underway in Uzbekistan, where a 16.9% surge in the services sector is reshaping the economic landscape and signaling a new era of diversification. President Shavkat Mirziyoyev has set a target of 9-10% annual growth to lift living standards for the nation's 40 million people, building on a solid 8.5% GDP increase in the first half of 2026. With exports reaching $14.4 billion and international agencies upgrading the country's credit rating, the rise of services highlights a vibrant, broadening economy beyond traditional sectors, encompassing tourism, finance, and digital industries.

A deep dive into the data reveals a dynamic economic transformation, with the services sector leading the charge at an impressive 16.9% expansion. This strong performance in services, which encompasses tourism, finance, and digital industries, highlights a diversifying economy no longer solely reliant on traditional sectors. Complementing this, industrial output rose by 8%, construction by 13.8%, and agriculture by 4.7%, painting a picture of broad-based growth.

The country's economic strategy is attracting global confidence, with total investment reaching $28 billion and exports totaling $14.4 billion. This international credibility was further bolstered by recent sovereign credit rating upgrades from Fitch and Moody's. President Mirziyoyev has stressed the importance of converting these favorable indicators into tangible improvements, urging ministers and regional governors to look beyond paperwork and identify concrete opportunities for growth.

Emphasizing accountability, the president declared that officials failing to meet targets should not expect to remain in their positions. He also noted that additional funding is being channeled to support local entrepreneurship and improve social infrastructure, ensuring that economic vitality translates into better facilities and services for citizens. These efforts are occurring against a backdrop of global uncertainty, requiring officials to plan for alternative scenarios.

The Ministry of Economy and Finance has raised its 2026 growth forecast to 8.1% from 6.6%, a revision that would deliver Uzbekistan's strongest economic performance in years. GDP is now expected to near $180 billion, with inflation forecast at 6.5%.The meteoric rise of the services sector, in particular, underscores the vibrancy and potential of the modern Uzbek economy.

The dynamic expansion of Uzbekistan’s services and industrial sectors is driving a wave of development that demands reliable tools and infrastructure. For events like CAIHE, this presents a key opportunity to equip the businesses and projects fueling this growth, reinforcing the hardware supply chain that supports a modernizing and diversifying economy.

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