27.10.2025

On October 27, under the chairmanship of President Shavkat Mirziyoyev, an expanded meeting was held to review the expected results of economic development in the current year and the main macroeconomic indicators for 2026.

In January-September of this year, the country's economy grew by 7.6 percent, which significantly exceeds the forecast indicators. Industrial production increased by 6.8 percent, construction by 14.2 percent, services by 14 percent, and agriculture by 4.1 percent.

Gold and foreign exchange reserves grew by 35 percent compared to last year and reached $55 billion. Reputable international rating agencies highly appreciate the economic prospects of our country. For example, Fitch Ratings raised Uzbekistan's sovereign rating by one notch for the first time, while Moody's and S&P Global changed their outlook from “stable” to “positive.”

- Most importantly, the results achieved serve to improve the well-being of the people, - noted the Head of State.

Household incomes increased by 18.4 percent, deposits by 35.3 percent, and average wages by 19.2 percent. Surveys show that confidence among the population and businesses is growing, and opportunities for employment and income growth are expanding.

The President stressed that maintaining high growth rates until the end of the year and bringing GDP to more than $135 billion is one of the main tasks of the economic complex.

The meeting, held in a critical spirit, reviewed the main plans for the coming year.

Officials reported that in 2026, it is planned to ensure economic growth of 6.6 percent, bring GDP to more than $150 billion, inject at least 400 trillion soums from all sources into the economy, and keep inflation below 7 percent.

The President noted that all the necessary opportunities and conditions are in place to achieve these goals, identifying important issues that require increased attention from the heads of ministries, industries, and regions.

The draft budget for 2026 provides for the preservation of current tax rates. It was emphasized that in these conditions, it is necessary to consistently increase budget revenues and establish strict control over the effective use of budget funds.

As the Head of State noted, next year, cost reduction and efficiency improvement will be the main criteria for the work of managers at all levels.

Specific tasks were set to reduce costs and increase competitiveness in strategic industries, expand private sector participation, streamline the dividend policy of state-owned enterprises, analyzing the effectiveness of subsidies and benefits with the cancellation of ineffective ones, reducing the share of the shadow economy, and increasing the revenue base of district and city budgets.

It was noted that it is necessary to accelerate the implementation of projects involving funds from international financial institutions and to move to a system whereby new projects will only be financed after the completion of current ones.

An instruction was given to transfer half of the balances of extrabudgetary funds of ministries and departments to a special fund and use these funds for the construction of schools and the development of healthcare.

Following the meeting, the main areas of focus for the 2026 State Budget draft were identified.