BAKU, Azerbaijan, August 17. Uzbekistan invested 338.9 trillion soums (about $28.3 billion) in fixed capital during the first half of 2026, marking a 17.5% year-on-year increase as investment remained concentrated in manufacturing, infrastructure and other productive sectors.
This was reflected in the statement by the National Statistics Committee of Uzbekistan.
Manufacturing attracted the largest volume of investment at 100.5 trillion soums (around $8.4 billion), followed by agriculture, forestry and fisheries with 32.9 trillion soums (approx. $2.7 billion) and construction with 32.5 trillion soums (about $2.7 billion).
Electricity, gas, steam and air-conditioning supply accounted for 29.9 trillion soums (around $2.5 billion), while residential construction received 27.3 trillion soums (approx. $2.3 billion). Mining and quarrying attracted 21.8 trillion soums (about $1.9 billion), followed by transportation and storage at 16.3 trillion soums (around $1.4 billion).
Wholesale and retail trade, including vehicle and motorcycle repairs, accounted for 13.7 trillion soums (approx. $1.1 billion). Water supply, sewerage and waste management received 7.4 trillion soums (about $620 million), while education and information and communications attracted 7.2 trillion soums (around $603.2 million) and 5.8 trillion soums (approx. $486 million), respectively.
Accommodation and food services accounted for 5.6 trillion soums (about $469,1 million), while professional, scientific and technical activities received 4.6 trillion soums (around $385,4 million). Healthcare and social services also attracted 4.6 trillion soums (approx. $385,4 million).
Financial and insurance activities accounted for 2.4 trillion soums (approx. $201 million), followed by arts, entertainment and recreation at 2 trillion soums (about $167.5 million). Other activities collectively received 24.4 trillion soums (around $2 billion).
Trend's analysis shows that Uzbekistan's investment activity remains strongly oriented toward sectors that expand production capacity and basic infrastructure. Manufacturing alone absorbed nearly 30% of total fixed-capital investment, making it the largest recipient and highlighting the continued role of industrial expansion in the country's growth strategy.
Trend's calculations show that manufacturing investment was more than three times higher than investment in agriculture, forestry and fisheries, the second-largest recipient. Manufacturing, construction and energy-related activities together attracted approximately 162.9 trillion soums (about $13.6 billion), or about 48% of total investment during the period.
The distribution also points to continued investment in the country's energy and transport infrastructure. Electricity and gas supply attracted 29.9 trillion soums (around $2.5 billion), while transportation and storage received 16.3 trillion soums (about $1.4 billion), supporting the infrastructure needed to accommodate expanding industrial and commercial activity.
In Trend's assessment, the 17.5% increase in fixed-capital investment indicates that Uzbekistan's economic expansion continues to be supported by significant capital formation. The concentration of investment in manufacturing, construction, energy and transport could strengthen productive capacity and improve connectivity, while the comparatively smaller allocations to services such as finance, healthcare and information and communications suggest that there remains room for greater diversification of investment toward higher-value service industries.
