TASHKENT, Friday, February 20, 2026 (WNP): Business activity across Uzbekistan showed sustained growth at the start of 2026, with increases recorded in tax revenues, exports, lending and new enterprise registrations, according to monitoring data released by the Center for Economic Research and Reforms (CERR).

The assessment is based on оперативные данные provided by the Tax and Customs Committees, the Central Bank and the Uzbek Republican Commodity Exchange.

As of January, overall tax revenues increased by 39.2 percent compared to the same period last year, reflecting stable positive dynamics across regions.

The strongest revenue growth was recorded in the Syrdarya, Navoi, Khorezm and Kashkadarya regions, where average growth rates reached approximately 49 percent.

Personal income tax collections rose by 15.1 percent year-on-year, property tax revenues increased by 19.6 percent, and land tax revenues grew by 20.3 percent.

Customs payments also showed a significant increase, rising 19.8 percent compared to January last year. The highest customs revenue growth was observed in the Navoi, Jizzakh and Namangan regions, averaging around 67 percent. Stable gains were also recorded in the Samarkand region and the Republic of Karakalpakstan, where revenues increased by about 31 percent on average.

Foreign economic indicators point to continued export expansion, with goods exports rising by 19.5 percent year-on-year. The most substantial increase in export deliveries was recorded in the Tashkent and Navoi regions, where average growth reached approximately 47 percent.

Commercial lending activity also expanded during the reporting period. The total volume of loans issued by commercial banks increased by 2.7 percent. The strongest growth in lending was observed in the Samarkand, Bukhara and Khorezm regions, averaging about 58 percent.

Private sector development remained robust, supported by a marked increase in newly registered enterprises. In January 2026, a total of 7,116 new businesses were registered nationwide.

The highest number of new enterprises was recorded in the city of Tashkent, with 1,712 registrations. Among the regions, Tashkent region led with 735 new entities, followed by Samarkand region with 610 and Khorezm region with 550.

Trading volumes on the Uzbek Republican Commodity Exchange increased 1.8 times compared to the same period last year.

Exchange activity expanded in most regions, with Syrdarya region registering an 11.1-fold increase. Significant growth was also recorded in the Khorezm, Surkhandarya, Bukhara, Jizzakh and Kashkadarya regions, where activity rose on average 6.5 times.

The data reflect a broad-based expansion in regional economic indicators at the start of the year, driven by higher fiscal collections, export growth, financial sector activity and increased entrepreneurial engagement.