The Center for Economic Research and Reforms (CERR) has presented the results of its business climate analysis for November 2025.
Based on the survey results, the Business Climate Index was compiled, drawing on components such as assessments of current business conditions, which reflect the actual situation of enterprises, as well as business expectations for the next three months.
Since 2023, updates on Uzbekistan’s business climate dynamics have been regularly published by CERR on the Trading Economics portal.
According to the latest monthly survey, the composite Business Climate Indicator stood at 52 points, which is 1 point higher than a year earlier. The improvement was driven primarily by the services and construction sectors, where stable expectations and overall moderate business optimism continue to prevail.
Sectoral dynamics highlight differences in economic activity. The most pronounced growth was recorded in services (+11, to 59 points) and construction (+4, to 55 points). At the same time, indicators declined in agriculture (–10) and industry (–8), reaching 48 and 42 points respectively, still indicating continued business activity.
The Current Business Conditions Index increased from 45 to 50 points, while the Expectations Index slightly declined from 57 to 54 points. Nevertheless, business expectations remain firmly in positive territory, pointing to sustained optimism over the next three months.
According to the survey, nearly half of entrepreneurs in Uzbekistan (48%) assess the current state of their business as good, which is 6 percentage points higher than in the same period last year.
Improved business performance over the past quarter was reported by 39% of respondents, compared to 33% in November 2024. At the same time, the share of companies reporting an increase in demand rose to 48% (+11 percentage points).
Moderate employment expansion is confirmed by an increase in the share of entrepreneurs reporting growth in workforce numbers, reaching 24%, compared with 21% a year earlier.
*** The Business Climate Index of Uzbekistan is calculated by CERR based on surveys of more than 1,000 enterprises across various sectors of the economy. The indicator is constructed in line with the methodology of the IFO Institute (Germany). As part of the survey, company managers assess current and expected changes in the business environment based on trends in production, demand, and other factors.
Zohidjon Gaipov
Sector for the Study of Competitiveness of
Economic Sectors and Investment Activity
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