The Center for Economic Research and Reforms presented the results of its May business climate analysis based on surveys conducted among entrepreneurs across the country. The analysis produced a Business Climate Index that reflects current assessments of the business environment and expectations for future developments.
In May, the composite business climate indicator increased by 13 points year-on-year, reaching 61, indicating strengthened long-term business confidence.
The Current Business Conditions Index rose by 16 points compared to May last year, reaching 49 points.
This index reflects entrepreneurs’ perception of actual business conditions in the country, including factors such as sales, employment, demand, access to resources, and the stability of the operational environment.
At the same time, the Expectations Index rose by 9 points over the year to reach 74 points, signaling growing confidence among business leaders in future stability.
The industrial sector showed significant growth in business climate indicators in May 2025.
The Business Climate Index for industry increased by 33 points compared to the previous year, reaching 70 points.
The current business conditions in the sector improved markedly - rising by 41 points, from 20 to 61.
Expectations among industrial enterprises also became more optimistic, with the index increasing by 23 points to reach 79. The data suggest a substantial improvement in the business environment and high confidence among industrial enterprises.
The agricultural sector demonstrated steady growth. In May, the composite index increased by 6 points compared to the same period last year, reaching 58.
The current assessment of the sector improved significantly by 17 points, from 31 to 48, indicating stronger positions for agricultural enterprises.
However, the Expectations Index slightly declined from 74 to 68 points, reflecting a certain degree of caution in business forecasts. Overall, the sector shows positive developments in the present, while entrepreneurs maintain cautious optimism about the future.
The business climate in the services sector improved by 8 points year-on-year in May, reaching 60 points.
The Current Conditions Index rose by 5 points to 46, while expectations increased substantially by 13 points to 76, reflecting optimism and confidence in the sector’s continued growth.
In May, the business climate in the construction sector remained stable at 57 points, unchanged from the same period last year despite seasonal fluctuations linked to the holiday period.
The Current Conditions Index slightly decreased to 37 points, largely due to seasonal declines in activity.
However, the Expectations Index rose by 1 point to 79, suggesting that market participants remain moderately optimistic about the near future. Overall, the sector continues to demonstrate resilience and adaptability to ongoing changes.
Overall, the business climate in Uzbekistan shows a positive trend, with steady growth in business activity across most sectors. Industry and agriculture are demonstrating the greatest optimism, while the services sector maintains moderate growth.
The Uzbekistan Business Climate Index is calculated by CERR based on surveys of more than 1,000 enterprises across various sectors. The index follows the methodology of the IFO Institute (Germany). During the survey, business leaders evaluate current and expected changes in the business environment based on production dynamics, demand, and other factors.
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