The gross value added of Uzbekistan's unobserved economy in January–June 2026 amounted to 245.5 trillion soums, or 22.9% of GDP. This data is provided by the National Statistics Committee.

What comprises the indicator

The unobserved economy consists of two components:

  • household and individual activities — 165.5 trillion soums (15.4% of GDP);
  • hidden economy — 80 trillion soums (7.5% of GDP).

The distinction is fundamental. The first category includes production for own consumption and small informal employment — this is not evasion but a feature of the economic structure. The second relates to activities intentionally concealed from accounting and taxation.

Distribution by sectors

The share of unobserved economy in gross value added of corresponding activities:

  • agriculture, forestry and fishing — 60.5%;
  • services — 23%;
  • construction — 17.8%;
  • industry — 6.7%.

The gap between the agricultural sector and industry is nearly ninefold. The explanation is structural: agriculture comprises numerous small holdings, much of whose output is consumed within families or sold directly, bypassing formal channels. Industry, by contrast, is concentrated in large enterprises with complete transaction recording.

What this means for the financial sector

More than one-fifth of the economy not captured in formal records is a constraint on lending. A borrower without documented income has access to smaller limits, even if actually solvent.

This is why expanding cashless payments and growing bank service coverage have direct economic significance: the more transactions flow through Uzbek banks, the broader the base of verified income becomes and the more accessible financing for the population and small businesses.

This material is informational and not an investment recommendation.