The Center for Economic Research and Reforms (CERR) presented the results of its March 2025 business climate analysis, based on a survey of entrepreneurs across the country. The findings were used to form a composite Business Climate Index, which reflects both current business conditions and future expectations.
In March, the composite index increased by 8 points, reaching 61 points (on a scale from -100 to +100), indicating a favorable business environment in Uzbekistan.
The index of current business conditions rose by 6 points to reach 46. Business optimism also remained high, with the expectations index increasing by 9 points to reach 77.
According to the survey, 31% of businesses reported improved performance over the past three months, while 39% noted increased demand for their goods and services. Furthermore, every fifth company reported an increase in the number of employees.
Entrepreneurs’ confidence in the stability of the economy continues to grow. 76% of respondents expect further improvement in their business conditions, 69% plan to expand their workforce, and 8% forecast a decrease in prices for their products.
Sectoral analysis reveals particularly positive developments in agriculture, where the Business Climate Index rose by 24 points to reach 69. This growth is attributed to several key factors, including a 7% increase in demand for agricultural products over the past three months and a 4% rise in optimism among agricultural producers.
In the construction sector, the index increased by 3 points to 64. The number of entrepreneurs who rated the current situation as "good" rose by 9%, while expectations for improved business conditions increased by 4%, indicating growing confidence in the sector.
The service sector also showed improvement, with the index rising by 6 points to 58. This was driven by an 18% increase in demand for services over the past three months and a 7% rise in employment.
In contrast, the industrial sector saw a decline in the Business Climate Index, down 9 points from the previous month to 56. Nonetheless, the indicator remains in positive territory, suggesting continued resilience in the sector.
The survey highlighted shifts in access to financing across sectors. In agriculture, financing obstacles decreased by 5%, and by 2% in construction. However, 13% of industrial enterprises still face challenges in obtaining financing, while in the service sector, this figure increased by 10% over the past month.
The situation with electricity supply remains generally stable, with only 5% of respondents expressing concern. In agriculture, barriers to electricity access dropped by 4%, and by 2% in construction. However, difficulties increased by 1% in industry and by 3% in services.
Additionally, 9% of companies reported facing other obstacles, including excessive bureaucracy, delays in obtaining permits and licenses, high interest rates, unlawful demolitions, lack of fair competition, and monopolistic practices.
The Uzbekistan Business Climate Index is calculated by CERR based on surveys of over 1,000 enterprises across various industries. The methodology is based on the IFO Institute model (Germany). During the survey, business leaders assess current and expected changes in the business environment based on indicators such as production dynamics, demand, and more.
Sunatilla Zikrillaev, CERR
Banking and Financial Sector Research Sector
Tel: (78) 150 02 02 (ext. 441)
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