KYIV, September 26. /Dunyo IA/. The European Bank for Reconstruction and Development (EBRD) has raised its forecast for Uzbekistan’s economic growth in 2026 from 6.5% to 7.5%, reports Dunyo IA correspondent, citing the Ukrainian news portal “Fixygen.”

The bank noted an acceleration in economic activity during the first half of 2026, with GDP growing 8.5% year-on-year in January-June. The services sector made the largest contribution at 4.4 percentage points, while manufacturing output increased 8.8% and trade turnover rose 13.5%.

Fixed investment grew 17.5% during the period. The EBRD also noted that Uzbekistan has become one of the main destinations for new foreign direct investment in Central Asia’s energy sector.

The bank identified several risks to economic growth, including a potential slowdown in Russia’s economy and disruptions to Russian fuel supplies amid high global energy prices.

According to the EBRD, inflation accelerated to 6.4% year-on-year in July. The Central Bank’s policy rate has remained at 14% since March 2025.

Foreign trade showed mixed dynamics. In January-July 2026, exports declined 4.5% due to lower gold shipments, while imports increased 17.8%, causing the trade deficit to more than double to $9.7 billion.

By mid-2026, Uzbekistan’s public debt had reached 27% of GDP. At the same time, the country’s international reserves increased 32% year-on-year to $64 billion at the end of July.

According to the National Statistics Committee, Uzbekistan’s GDP grew 7.7% in 2025. The government expects the economy to expand by 8.1% in 2026.