Uzbekistan’s Business Activity Index reached 1,206 points in March 2026, marking a 20.6% increase compared to February and a 22.7% rise year-on-year, according to the Center for Economic Research and Reforms.
The growth reflects a broad increase in economic activity across all regions, with particularly strong performance in exchange trading and banking operations.
In March, the number of interbank payment transactions reached 7.05mn, up by 4.3% compared to the previous month. Growth was recorded in 13 regions, with the highest increases in Andijan (13.5%), Fergana (8.2%), Syrdarya (6.9%), and Surkhandarya (5.5%), while a slight decline of 1.1% was observed in Karakalpakstan.
Exchange trading showed the strongest growth. The exchange component of the index rose by 46.2%, with the number of transactions increasing 2.1 times. Total turnover on the commodity exchange reached UZS 7.46 trillion ($580mn), up 18.5% month-on-month.
The surge was largely driven by sharp increases in specific commodities: nitrogen-phosphorus fertilizers rose 93.1 times, rebar 6.5 times, rolled metal products 4 times, and polypropylene 3.4 times.
The number of active business entities also increased. In March, the total number of operating businesses rose by 2,557 to reach 511,000. Large enterprises increased by 558 to 4,719, while small businesses grew by 2,200 to 417,300. At the same time, the number of farms declined slightly by 185 to 89,100.
However, not all indicators showed growth. The trademark registration component fell by 8.1%, with 395 trademarks and trade names registered by legal entities during the month.
Overall, the index recorded growth across all regions, with the highest increases observed in Andijan (47.8%), Surkhandarya (43.7%), Khorezm (42.3%), and Samarkand (41.8%).
