Main conclusions
In the third quarter of 2025, the supply of job vacancies continued to grow steadily; although job-search activity declined slightly, the number of active resumes remained high. In addition, nominal and real wages and remittance inflows increased strongly in Q3. Labor migration destinations continued to expand.
Job vacancies and job-search activity
According to open-source data, in the third quarter, the number of job vacancies posted by businesses increased by 3.3% compared to the same period last year, with a substantial share concentrated in trade (17.9%), food service (17.1%), and manufacturing (17.0%).
In corporate expectations, the share of firms indicating both an increase in job positions and planned downsizing rose
In business sentiment surveys on economic activity, the share of entrepreneurs reporting that they plan to increase employment over the next three months averaged 33.9% in July–August (up from 30.2% in Q2), then fell seasonally to 30.8% in September. At the same time, the share indicating planned job cuts rose from 8.7% in Q2 to 12.7% in Q3. These expectations were reported mainly by respondents operating in construction (16.4%) and trade (25.6%).
Market “pressure”
In the third quarter of 2025, Uzbekistan’s Beveridge curve shifted leftward in a vertical direction. This, in turn, indicates that the expansion in the country’s economy is continuing and reflects mounting pressure in the labor market—namely, that labor demand is rising even as unemployment declines.
For reference: The Beveridge curve reflects the relationship between the unemployment rate and the job vacancy rate, providing important insights into labor market conditions and overall economic stability. In particular: (1) a downward shift to the lower left indicates improved labor market efficiency; (2) an upward shift to the upper right indicates declining labor market efficiency; and (3) a leftward vertical shift indicates the economy is entering an expansion phase, while a rightward vertical shift suggests the economy is moving into a downturn (recession) phase.
Wages: high nominal and real growth
Against the backdrop of higher wages in the public sector in Q3 and relatively lower inflation, over the first nine months of 2025 nominal wages increased by 19.2% and real wages by 9.1%. The average monthly wage was UZS 6.2 million. By sector, average wages remained highest in finance and insurance and in ICT (UZS 16.8 million and UZS 15.0 million, respectively). In construction, real wage growth for employees declined by 0.1%.
By region, the highest real wage growth was recorded in Samarkand (14.6%), while the lowest growth was observed in Andijan (2.9%).
In addition, in the third quarter of 2025, real wage growth in Uzbekistan was significantly higher than in other countries in the region. Specifically, in Q3 the average growth of real wages across Central Asian countries was 4.4%, and 3.3% when including selected Caucasus countries (over the same period, real wages in Uzbekistan grew by 9.1%).
Against the backdrop of the recent significant appreciation of the Uzbek som against the US dollar, the US dollar equivalent of the minimum wage increased. As a result, Uzbekistan’s minimum wage (USD 103) became higher than that of Georgia.
Remittances and labor migration
In the third quarter, labor migrants sent USD 5.7 billion to Uzbekistan, up 18.5% year-on-year.
In Q3, the growth rate of remittances from the Baltic states and other regions (excluding the United States, Russia, Europe, and Asia) remained higher than from other regions. In particular, remittances from these areas increased by 40%.
The diversification of migration destinations continues to expand. Notably, while the number of Uzbek migrants in the Republic of Korea, Türkiye, the Baltic states, the United States, and other regions has risen significantly, Russia remains the main destination for labor migration.
