The Center for Economic Research and Reforms (CERR) presented the findings of its analysis of Uzbekistan’s business climate, based on monthly surveys of entrepreneurs across the country.
The survey results are used to compile a composite Business Climate Index, which reflects assessments of current business conditions and expectations for the next three months.
In August, the composite Business Climate Index stood at 59 points, up 4 points from the same period last year.
An index reading above 50 points indicates that optimistic assessments prevail among businesses.
The Current Conditions Index and the Expectations Index each rose by 4 points year over year, reaching 53 and 66 points, respectively.
Four in ten entrepreneurs (40%) reported an improvement in business conditions over the past three months.
Half of respondents (50%) rated their current business conditions as “good,” while one in four businesses (25%) increased their workforce over the past three months.
Around two-thirds of entrepreneurs (66%) expect demand for their products to increase over the next three months.
Compared with a year earlier, the Business Climate Index increased in industry and services, while agriculture and construction recorded slight declines.
In industry, the composite Business Climate Index rose by 5 points to 53. This improvement was driven by an 18-point increase in the Expectations Index, which reached 73 points, reflecting the outlook for the next three months. Meanwhile, the Current Conditions Index fell by 6 points to 35.
Compared with a year earlier, the share of industrial businesses expecting conditions to improve over the next three months increased by 5 percentage points to 74%, while the share anticipating higher demand for their products rose by 7 percentage points to 67%. However, the share rating their current business conditions as good declined slightly, by 4 percentage points to 35%.
In the services sector, the composite Business Climate Index improved markedly, rising by 7 points to 64. This reflected improvements in both current business assessments, up 11 points, and expectations for the next three months, up 4 points.
More than half of service companies (56%) rated their current business conditions as good, an increase of 9 percentage points. The share expressing confidence in the outlook for the next three months reached 72%, up 3 percentage points. The share reporting an improvement in business conditions over the past three months also increased by 5 percentage points to 44%.
In agriculture, the composite Business Climate Index stood at 53 points, down 4 points. The Current Conditions Index remained unchanged at 47 points, while the Expectations Index declined by 8 points to 60.
An improvement in business conditions over the past three months was reported by 37% of agricultural businesses, compared with 42% in 2025. Meanwhile, 41% reported increased demand for their products, below last year’s level of 49%.
In construction, the composite Business Climate Index remained largely unchanged from a year earlier, declining by 1 point to 60. The Current Conditions Index rose by 3 points to 63, while the Expectations Index fell by 4 points to 58.
Over the past three months, 41% of construction companies reported an improvement in business conditions, compared with 37% a year earlier. Meanwhile, 46% rated their current business conditions as good, up from 37%. The share expecting demand for their products to increase over the next three months stood at 57%, compared with 61% a year earlier.
The share of entrepreneurs reporting no barriers to doing business increased by 8 percentage points to 67%. The highest share was recorded in services (72%), followed by construction (63%), agriculture (61%), and industry (60%).
Among the main business constraints, the share reporting tax-related barriers declined by 1 percentage point to 18%, while the share citing banking-related barriers fell by 2 percentage points to 13%. The share experiencing other financial difficulties decreased by 2 percentage points to 10%, while insufficient demand was reported by 7% of respondents, down 1 percentage point. Within taxation, the main difficulties concerned tax administration (13%) and tax rates (5%).
In agriculture, commonly reported barriers included tax administration, cited by 11% of respondents, up 3 percentage points, and difficulties obtaining loans, reported by 9%, down 2 percentage points. In industry, insufficient demand was cited by 12%, down 1 percentage point; difficulties obtaining loans by 11%, up 5 percentage points; and tax administration by 8%, up 4 percentage points. In construction, the share reporting tax administration difficulties rose by 7 percentage points to 12%, while the share facing difficulties obtaining loans fell by 6 percentage points to 7%. In services, tax administration was cited by 16% of entrepreneurs, while difficulties obtaining land were reported by 8%, up 3 percentage points.
CERR Sector for the Study of Industry
Competitiveness and Investment Activity
Tel.: (78) 150 02 02 (441)
CERR Public Relations and Media Sector
Tel.: (78) 150 02 02 (417)
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