From January to June 2026, the volume of Uzbekistan's non-observed economy amounted to 245.5 trillion soums, or approximately $20.8 billion at the official exchange rate of 11,820.40 soums per $1. This represents 22.9% of the country's GDP, UzNews.uz reported.
The bulk of this came from households and individuals—165.5 trillion soums, or approximately $14 billion. Their share of GDP was 15.4%.
Another 80 trillion soums, or approximately $6.8 billion, came from the hidden economy, which accounted for 7.5% of GDP.
The largest share of the non-observed economy is accounted for by agriculture, forestry, and fisheries—60.5%. In the service sector, this figure was 23%, in construction—17.8%, and in industry—6.7%.
For comparison, Uzbekistan's total GDP for the first half of the year amounted to 1,072.7 trillion soums, or approximately $90.7 billion, an increase of 8.5% compared to the same period in 2025.
It is important to note that the non-observed economy is not entirely the same as the shadow economy. It also includes activities that are difficult to capture in official statistics, such as the production of goods and services by households.
Reducing the shadow economy is important for Uzbekistan's further development. Formalizing business and employment allows for an expansion of the tax base, increased economic transparency, and improved statistical accounting.
This is especially relevant for agriculture, where the share of non-observed activity remains high. If more businesses and workers operate officially, the state will be able to more effectively plan economic policy and allocate additional revenues to infrastructure and social programs.
CentralasianLIGHT.org
August 19, 2026