Explainer · Uzbekistan

Uzbekistan economy snapshot: growth, reserves and debt

By Invest Global ResearchPublished Updated 4 min readPublished after automated checks and an independent automated review, without a human edit
The short answerReal GDP grew 7.7% in 2025, output was $147 billion and inflation was 8.8%. Reserves of $66.0 billion cover 13.6 months of imports, and government debt is 28.6% of GDP. Mining has the highest of the four sector scores shown here, at 83 out of 100.

Key takeaways

Scale: output, income and people

Uzbekistan has 37.1 million people and produced $147 billion in 2025, or $3,968 per head. One US dollar bought 12,579.0 units of local currency at the official rate in 2025.

Growth and prices

Real GDP growth was 7.7% in 2025. Consumer price inflation for the same period was 8.8%.

The ILO modelled unemployment estimate is 4.6% for 2025.

The external position

Total reserves are $66.0 billion, equal to 13.6 months of imports in 2025. The current account balance is -3.9% of GDP for 2025. Foreign direct investment net inflows are 3.0% of GDP for 2025.

Public debt

The IMF World Economic Outlook series puts general government gross debt at 28.6% of GDP for 2025. The dataset used for this article carries no revenue or interest series for Uzbekistan, so it makes no statement about the cost of servicing that debt.

Openness to foreign investment

Uzbekistan's OECD restrictiveness reading is 0.200 for 2025, with zero meaning fully open. The components are foreign equity limitations at 0.114, other operational restrictions at 0.085 and screening and approval at 0.000.

The figures side by side

Output expanded 7.7% in 2025. Net FDI inflows are 3.0% of GDP. Consumer price inflation was 8.8%. Reserves are $66.0 billion, equal to 13.6 months of imports. General government gross debt is 28.6% of GDP, and the current account balance is -3.9% of GDP.

Where the model scores Uzbekistan

Scores are relative to other countries, and each sector below lists its inputs.

Mining and metals score 83 out of 100. The model's rationale: Mineral rents are 8.5% of GDP; ores and metals are 8.1% of merchandise exports (2021, 2024). The inputs are: Mineral rents (weight 40%); Ores and metals exports (weight 40%); Tracked minerals where the country produces 2 percent or more of world output (weight 20%).

Oil and gas score 76 out of 100. Its rationale: Oil rents are 0.9% of GDP; fuels are 6.5% of merchandise exports (2021, 2024). The inputs are: Oil rents (weight 35%); Fuel exports (weight 35%); Natural gas rents (weight 20%); Coal rents (weight 10%).

Industrials and manufacturing score 72 out of 100. Its rationale: Manufacturing is 20.8% of GDP; industry is 32.5% of GDP (2025). The inputs are: Manufacturing value added (weight 35%); Manufactures exports (weight 35%); Industry value added (weight 30%).

Infrastructure and logistics score 56 out of 100. Its rationale: The Logistics Performance Index is 2.6 out of 5; transport is 31.0% of service exports (2022, 2025). The inputs are: Container port traffic (weight 25%); Logistics Performance Index (1 to 5) (weight 25%, inverted); Access to electricity (weight 20%, inverted); Transport services exports (weight 15%); Urban population growth (weight 15%).

Uzbekistan sector exposure scores

Score out of 100
Mining and metals exposure score83 out of 100Oil and gas exposure score76 out of 100Industrials and manufacturing exposure score72 out of 100Infrastructure and logistics exposure score56 out of 100
Source: Invest Global sector exposure model. Scores compare countries and are not a measure of attractiveness, return or risk.
Chart data and sources
SectorScorePeriodSourceAs of
Mining and metals exposure score83 out of 100latest inputsInvest Global sector exposure score26 October 2026
Oil and gas exposure score76 out of 100latest inputsInvest Global sector exposure score26 October 2026
Industrials and manufacturing exposure score72 out of 100latest inputsInvest Global sector exposure score26 October 2026
Infrastructure and logistics exposure score56 out of 100latest inputsInvest Global sector exposure score26 October 2026

What the sector scores add

Mining scores highest. Its inputs are: Mineral rents (weight 40%); Ores and metals exports (weight 40%); Tracked minerals where the country produces 2 percent or more of world output (weight 20%). The rationale cites mineral rents and ores and metals exports as shares of GDP and of merchandise exports. A high score means mining is large and relevant relative to other countries. The model itself states: "The score describes how large and relevant a sector is in a country's economy and opportunity set, relative to other countries. It is not a measure of attractiveness, return or risk, and it is not investment advice."

For oil and gas, the rationale cites oil rents as a share of GDP and fuels as a share of merchandise exports, and the inputs also include natural gas and coal rents. Industrials and manufacturing rest on manufacturing value added, manufactures exports and industry value added. Infrastructure scores lowest of the four, and its rationale cites the Logistics Performance Index and the transport share of service exports.

Debt and the external balance in detail

The IMF World Economic Outlook database is the source for the debt figure, and the World Bank World Development Indicators supply reserves, the current account and FDI inflows. The two sources have different as-of dates in the Invest Global dataset, and the sources list at the end of the article shows each one. Debt of 28.6% of GDP is a ratio to output.

The current account balance of -3.9% of GDP for 2025 is reported next to reserves of $66.0 billion.

Sources and next steps

Open the Uzbekistan country profile for every indicator we carry. See also the mining sector page and the industrials sector page. Retrieval dates sit in the sources list and on the data status page.

Where this shows up on Invest Global

More on Uzbekistan · More on Mining and metals

Questions readers ask

How fast is Uzbekistan growing?

Real GDP growth was 7.7% for 2025 on the World Bank series, with output of $147 billion.

What do Uzbekistan's reserves cover?

Reserves of $66.0 billion equal 13.6 months of imports for 2025 on the World Bank series.

How high is government debt?

The IMF World Economic Outlook series shows general government gross debt of 28.6% of GDP for 2025. The dataset carries no revenue or interest series, so it says nothing about servicing costs.

What is the highest sector score?

Mining and metals lead at 83 out of 100, ahead of oil and gas at 76 out of 100. The rationale cites mineral rents and export shares.

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Sources

Every figure in this article is copied from a fact pack with the source, period and retrieval date listed above. How Insights are made and our editorial policy.

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