In July, business activity in Uzbekistan generally continued to grow
Business activity increased across most regions of the country, supported by higher commodity exchange activity, a growing number of active business entities, and increased trademark registrations.
Uzbekistan experienced continued business growth in July, with the Business Activity Index (BAI), compiled by the Center for Economic Research and Reforms, reaching 1,010 points in July 2026. This marked a 1% increase from the previous month, and a substantial 27% rise year-on-year (Chart 1).
The individual components of the BAI displayed varied trends in July. The number of transactions on business entities' bank accounts saw a 3.4% decrease. Conversely, the intensity of raw material purchases on the commodity exchange grew by 3.6%. The component representing active business entities increased by 0.8%, while the trademarks component surged by 18%.
Twelve regions also registered month-on-month increases in their BAI in July 2026 (Chart 2). Notably strong growth was observed in Jizzakh (48.9%), Kashkadarya (44.3%), Surkhandarya (43.5%), Andijan (43.2%), and Syrdarya (41.8%) regions. In contrast, Navoi (4%) and Khorezm (0.7%) regions maintained moderate levels of growth.
**Banking Transactions**
Interbank payment transactions totaled 7,660.8 thousand during the reporting period, an increase of 270.2 thousand transactions (3.4%) compared to June 2026. Ten regions recorded an increase in interbank payment transactions. Specifically, the number of banking transactions between legal entities saw significant month-on-month growth in Syrdarya (25.7%), Jizzakh (23.9%), Surkhandarya (13.9%), and Kashkadarya (13%) regions. However, this indicator declined in Tashkent city (5.3%), Fergana (3.4%), and Tashkent (0.9%) regions, as well as in the Republic of Karakalpakstan (1.2%).
**Commodity Exchange Component**
The BAI commodity exchange component reached 1.0360 points in July, a 3.6% increase from the previous month. While the average volume of goods purchased per transaction rose by 14.4%, the number of transactions concluded decreased by 7.2%. The total turnover on the Uzbek Republican Commodity Exchange amounted to 9,722 billion sums, a 2.2% increase from the prior month.
**Active Business Entities Component**
This component stood at 1.0078 points during the reporting period, reflecting a 0.8% increase from the previous month. The total number of active business entities grew by 5,643, reaching 535.9 thousand. Large enterprises increased by 10 to 4,659, small enterprises rose by 5.5 thousand to 440.9 thousand, and farms increased by 86 to 90.4 thousand.
**Trademarks Component**
In July 2026, the trademarks component reached 1.1797 points, an 18% increase compared to the previous month. During this period, legal entities registered 558 trademarks and trade names.
Islombek Saparmatov, CERR