The Business Climate in Uzbekistan Improved Due to Stronger Current Conditions

Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has presented the results of its analysis of the business climate in Uzbekistan for November 2025.

The findings indicate an improvement in overall business sentiment driven by stronger current operating conditions, despite a slight weakening of expectations for the medium term.

According to the monthly survey, the composite Business Climate Index stood at 52 points, one point higher than in the same period last year. The index is calculated based on assessments of the current business situation and entrepreneurs’ expectations for the next three months. Since 2023, the dynamics of Uzbekistan’s business climate have been regularly updated by CERR on the international platform Trading Economics.

Sectoral trends show that the growth of the index was primarily supported by the services and construction sectors, where stable expectations and moderate business optimism persist. In the services sector, the indicator rose by 11 points to 59, while in construction it increased by 4 points to 55. At the same time, declines were recorded in agriculture and industry, where the indices fell by 10 and 8 points respectively, to 48 and 42. These values still point to continued business activity, but reflect more cautious assessments by companies.

Current business conditions are improving, while expectations remain positive. The index of current business conditions increased from 45 to 50 points, indicating an improvement in the actual operating environment for enterprises. At the same time, the expectations index declined from 57 to 54 points. Nevertheless, entrepreneurs’ expectations remain firmly in positive territory, signalling sustained optimism in the short term.

Entrepreneurs’ assessments also reflect these trends. According to the survey, 48 percent of business owners rate the current state of their business as good, which is six percentage points higher than a year earlier. Business growth over the past quarter was reported by 39 percent of respondents, compared with 33 percent in November 2024. Demand has also strengthened, with the share of companies reporting increased demand reaching 48 percent, an increase of 11 percentage points. Moderate employment expansion is confirmed by a rise in the share of entrepreneurs reporting growth in staff numbers to 24 percent, up from 21 percent a year earlier.

For reference, the Business Climate Index of Uzbekistan is calculated by CERR on the basis of surveys of more than 1,000 enterprises across various sectors of the economy. The indicator is compiled using the methodology of the IFO Institute (Germany) and reflects company executives’ assessments of current and expected changes in the business environment, including trends in production and demand.