Central Bank Presents Fiscal Year Results
Economy
Uzbekistan's economy at the end of 2025 demonstrated unprecedented dynamics, facing the sharpest increase in external debt in its history. Despite impressive revenues from gold sales and an influx of direct investment, the debt load has closely approached the psychological threshold of 56% of GDP. The private sector was the primary driver of this growth, actively attracting funds for business expansion and infrastructure projects.
According to the latest report from the Central Bank, Uzbekistan’s total external debt reached $82.2 billion at the end of 2025, increasing by a record $18.1 billion in a single year. An interesting dynamic is observed in the debt structure: while government debt grew at a moderate pace to reach $40.5 billion, the corporate sector saw a dramatic surge. The debt of private companies and banks grew 3.3 times, reaching $41.7 billion. A significant portion of these funds was raised through the issuance of international bonds and bank loans without government guarantees.
The foreign trade balance remains under pressure, although exports grew by 23% (to $32.3 billion). This was facilitated by favorable conditions in global markets: gold prices soared by 63%, and silver prices doubled. However, imports still significantly outpace sales, increasing to $52.2 billion. The current account deficit was successfully reduced to 3.9% of GDP, partially due to stable remittances from abroad, which totaled $13.7 billion.
The investment climate remains a point of optimism: the net inflow of foreign direct investment grew 1.5 times, reaching $4.4 billion. A similar amount was recorded as portfolio investment. Despite the historic peak in indebtedness, the government and the regulator are betting that the attracted capital will serve as fuel for industrial growth and business working capital, which in the long run will allow for the effective servicing of accumulated obligations.
The foreign trade balance remains under pressure, although exports grew by 23% (to $32.3 billion). This was facilitated by favorable conditions in global markets: gold prices soared by 63%, and silver prices doubled. However, imports still significantly outpace sales, increasing to $52.2 billion. The current account deficit was successfully reduced to 3.9% of GDP, partially due to stable remittances from abroad, which totaled $13.7 billion.
The investment climate remains a point of optimism: the net inflow of foreign direct investment grew 1.5 times, reaching $4.4 billion. A similar amount was recorded as portfolio investment. Despite the historic peak in indebtedness, the government and the regulator are betting that the attracted capital will serve as fuel for industrial growth and business working capital, which in the long run will allow for the effective servicing of accumulated obligations.
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