Tashkent, Uzbekistan (UzDaily.uz) — Entrepreneurs’ assessments improved in August compared with a year earlier, with the strongest positive dynamics recorded in the services and industrial sectors, while assessments in agriculture and construction were more subdued.
At the same time, the prevalence of major obstacles to doing business continued to decline.
The Center for Economic Research and Reforms (CEIR) presented the results of an analysis of Uzbekistan’s business climate based on monthly surveys of entrepreneurs across the country.
Based on the data collected, a composite business climate indicator was developed to reflect assessments of the current state of businesses and expectations for the next three months.
In August, Uzbekistan’s composite Business Climate Index stood at 59 points, four points higher than in the same period last year.
An index reading above 50 points indicates a predominance of optimistic assessments among businesses.
According to the survey, both the current business conditions index and the expectations index increased by four points year on year, reaching 53 points and 66 points, respectively.
Four in 10 entrepreneurs (40%) said their business conditions had improved over the previous three months.
Half of respondents (50%) assessed their current business conditions as “good”, while one in four businesses (25%) increased the number of employees over the previous three months.
About two-thirds of entrepreneurs (66%) expect demand for their products to increase over the next three months.
Sectoral Business Climate Index dynamics
Compared with a year earlier, the business climate indicator increased in industry and services, while some decline was recorded in agriculture and construction.
In industry, the composite business climate indicator improved by five points to 53 points. The change was driven by an 18-point increase in expectations for the next three months, which reached 73 points, while current business assessments fell by six points to 35 points.
Compared with last year, the share of industrial entrepreneurs expecting business conditions to improve over the next three months rose to 74% (+5 percentage points), while the share expecting higher demand for their products increased to 67% (+7 percentage points). At the same time, the share of entrepreneurs assessing their current business conditions as good declined slightly to 35% (-4 percentage points).
In the services sector, the composite business climate indicator increased significantly by seven points to 64 points. The change was driven by improvements in both current business assessments (+11 points) and expectations for the next three months (+4 points).
More than half of companies (56%) in the services sector assessed their current business conditions as good (+9 percentage points). Expectations for the next three months became more confident among 72% of representatives of the sector (+3 percentage points). The share of companies reporting improved business conditions over the previous three months also increased by five percentage points to 44%.
In agriculture, the composite business climate indicator stood at 53 points, down four points. Current assessments in the agricultural sector remained unchanged at 47 points, while business expectations fell to 60 points (-8 points).
Some 37% of entrepreneurs reported improved conditions over the previous three months, compared with 42% in 2025. Meanwhile, 41% of entrepreneurs reported increased demand for their products, below last year’s level of 49%.
In construction, the composite business climate indicator was virtually unchanged from a year earlier, declining by one point to 60 points. Current assessments in the sector improved by three points to 63 points, while business expectations fell by four points to 58 points.
Over the previous three months, current conditions improved for 41% of construction companies, compared with 37% a year earlier. At the same time, 46% of companies assessed their current business conditions as good, compared with 37% previously. The share of companies expecting demand for their products to increase over the next three months stood at 57%, compared with 61% previously.
Business obstacles decline
The share of entrepreneurs reporting no obstacles to doing business increased to 67% (+8 percentage points). The highest figure was recorded in services at 72%, followed by construction at 63%, agriculture at 61% and industry at 60%.
Among the main constraints on businesses were tax-related obstacles, whose share declined to 18% (-1 percentage point), and the banking system, at 13% (-2 percentage points). The share of entrepreneurs experiencing other financial difficulties fell to 10% (-2 percentage points), while insufficient demand was cited by 7% (-1 percentage point) of respondents. In taxation, the main difficulties were related to tax administration (13%) and tax rates (5%).
By sector, tax administration was most frequently cited in agriculture at 11% (+3 percentage points), while difficulties obtaining loans stood at 9% (-2 percentage points).
In industry, insufficient demand accounted for 12% (-1 percentage point), difficulties obtaining loans for 11% (+5 percentage points), and tax administration for 8% (+4 percentage points).
In construction, the share reporting problems with tax administration rose to 12% (+7 percentage points), while difficulties obtaining loans declined to 7% (-6 percentage points).
In services, tax administration was cited by 16% of entrepreneurs, while difficulties obtaining land accounted for 8% (+3 percentage points).
