Core Insights - The unobserved economy in Uzbekistan is projected to decrease to 498.04 trillion soums (approximately 39.62 billion USD) in 2025, a reduction of 7.6 trillion soums (63 million USD) compared to 2024, with its GDP share dropping from 34.8% in 2024 to 26.9% in 2025 [1] Economic Composition - The unobserved economy consists of the informal economy and the shadow economy, with the informal economy accounting for 351.04 trillion soums (291.4 million USD), representing 19% of GDP (down from 26.4% in 2024) [1] - The shadow economy is valued at 147 trillion soums (122 million USD), making up 7.9% of GDP (a slight decrease from 8.4% in 2024) [1] Sector Distribution - The agricultural, forestry, and fishing sectors dominate the unobserved economy, comprising 62.6%, followed by the service sector at 26.9%, construction at 23.5%, and industry at 9.4% [1] - The most significant declines in the unobserved economy are concentrated in the service and construction sectors [1]

Core Insights - The unobserved economy of Uzbekistan reached 265.5 trillion soums (approximately 20.91 billion USD) in the first half of 2025, accounting for 32.9% of the GDP, an increase from 32% in the first quarter [1] - The shadow economy's share of GDP decreased to 8% from 8.4% in the first quarter, indicating a potential reduction in informal economic activities [1] Industry Breakdown - In the first half of 2025, the unobserved economy's sectoral contributions were as follows: - Agriculture: 75.1% (up from 63.6% in 2024) - Construction: 35.9% (down from 41.3%) - Services: 35.2% (down from 40.1%) - Industry: 10.5% (up from 8.9%) [1] - The increase in the agricultural unobserved economy may be attributed to seasonal factors and delays in rural registration, while the declines in construction and services suggest effective measures against the shadow economy in these sectors [1]