EDB: Central Asia GDP grows 6% in H1 2026, led by Kyrgyzstan and Uzbekistan

September 7, 2026 at 01:42 PM2 min

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The Eurasian Development Bank (EDB) reported that Central Asia's combined GDP grew 6% in the first half of 2026. Kyrgyzstan led with 11.1% growth, followed by Uzbekistan at 8.5%, while Kazakhstan grew 4.1% in January–July. The bank cited investment, infrastructure projects, and consumer demand as key drivers.

Key Facts

Central Asia's combined GDP grew 6% in H1 2026, according to the Eurasian Development Bank.
Kyrgyzstan's GDP rose 11.1% in January–July, with investment up 58.8%.
Uzbekistan's GDP grew 8.5% in H1 2026, its fastest half-year pace in five years.
Kazakhstan's economy expanded 4.1% in January–July, with non-oil sectors up 5.4%.
Regional inflation stabilized at 6.4%, with mixed dynamics across countries.

Regional Growth Drivers

The Eurasian Development Bank attributed the region's 6% growth to investment, infrastructure projects, and resilient consumer demand. In Kazakhstan, non-oil sectors grew 5.4%, partially offsetting a decline in oil production. The fastest-growing sectors in Kazakhstan were construction, manufacturing, transport, and trade. Kyrgyzstan's growth was supported by rising real wages, credit expansion, and government programs, with investment up 58.8%. Uzbekistan's growth was driven by services, industry, and construction, with investment up 17.5%.

Country Performance

Armenia's GDP grew 6.0% in H1 2026, supported by services including tourism, construction, and mining. Belarus's economy expanded 2.1% in January–July, accelerating to 5.4% in July from 3.5% in June. Tajikistan's GDP rose 8.2% in H1 2026, with exports up a record 65%. Russia's economy grew 0.6% in H1 2026, with Q2 growth accelerating to 1.3%. The EDB expects Kyrgyzstan to maintain the region's highest growth rate for the full year 2026.

Inflation and Global Context

Regional inflation stabilized at 6.4%, but trends diverged: it slowed in Belarus, Kazakhstan, and Uzbekistan, while accelerating in Armenia, Kyrgyzstan, and Tajikistan. Kazakhstan's inflation has been slowing for eleven consecutive months, reaching 9.8%. The global economy remains resilient despite an energy shock, with Brent crude averaging $91 per barrel in H1 2026, up 27% year-on-year. US gasoline prices rose about 40% year-on-year, and US commercial and strategic oil inventories were about 15% lower by July 17 than at end-February. The EDB noted that high energy prices support export revenues for Russia and Kazakhstan, while net energy importers face higher import and logistics costs.