Business Climate in Uzbekistan Strengthens in October

Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has released updated data on the business climate in Uzbekistan for October 2025.

Based on the analysis, a Business Climate Index was compiled, reflecting both the current state of business activity and the expectations of the entrepreneurial sector for the coming months.

Since 2023, CERR has regularly published business confidence indicators on the international analytics platform Trading Economics (tradingeconomics.com/uzbekistan/business-confidence).

Growth of the Composite Index

The composite business climate indicator continued to strengthen in October, reaching 55 points, which is 13 points higher than the same period last year. The positive trend was driven by improvements across all key components of the index.

The Current Conditions Index rose by 22 points to 55, while the Expectations Index increased moderately to 56 points (+4 points year-on-year).

The most significant improvements in current conditions were observed in:

Agriculture — 60 points (+23)

Services — 57 points (+26)

Construction — 57 points (+21)

Industry — 45 points (+15)

Entrepreneurs’ expectations for the next three months remained confidently positive, with forecasted assessments of:

Agriculture — 62 points

Industry — 46 points

Construction — 59 points

Services — 57 points

Entrepreneur Assessments

According to the survey, 50% of entrepreneurs rated the current state of their business as “good,” compared to 38% a year ago.

42% of companies reported an improvement in business activity over the past three months, up from 32% last year.

Demand increased in every second enterprise (50%), whereas last year the same figure was 35%.