Uzbekistan’s economy accelerated in the first half of 2026, with gross domestic product expanding by 8.5%, according to the Asian Development Bank. Construction led the major sectors with 13.7% growth, followed by services at 9.2% and industry at 8.0%.
Investment projects strengthen industrial demand
The Asian Development Bank also highlighted stronger investment activity. Fixed-capital investment rose by 17.5% as Uzbekistan moved ahead with major projects in energy, manufacturing, transport and residential construction.
This investment wave is opening additional opportunities for international suppliers of industrial and energy equipment, electrical products, components and technology solutions. For Russian manufacturers in particular, Uzbekistan’s expanding project pipeline may offer room to increase deliveries and establish deeper links with local industrial and construction partners.
Imports rise as inflation outlook edges higher
Demand for imported goods is also gaining momentum. In the first half of 2026, Uzbekistan’s merchandise imports increased by 21% to $25.1 billion, pointing to a growing market for foreign equipment, materials, components and finished products.
At the same time, the Asian Development Bank raised its 2026 inflation forecast for Uzbekistan from 6.5% to 6.7%, while leaving its 2027 projection unchanged at 5.0%. The bank identified elevated energy prices and weaker external demand as factors that could restrain the economy’s further expansion.
For international companies active in furniture, construction, interior and exterior manufacturing, trade, design or architecture, Uzbekistan’s accelerating construction and industrial investment provides a broader base for market entry, equipment sales, project partnerships and local production. Rising imports indicate strong access to external suppliers, although inflation and exposure to energy costs underline the need for careful pricing, financing and supply-chain planning.
