Uzbekistan Entrepreneurs Report Improved Business Climate Q4 2025

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of the Republic of Uzbekistan has published its review of business activity for the fourth quarter of 2025.

The report is based on a survey conducted in January 2026 among more than 2,371 entrepreneurs from all regions of the country, representing sectors including trade, construction, finance, agriculture, and services.

According to the survey, 60 percent of respondents reported an improvement in business conditions compared to the third quarter. This figure has consistently exceeded 50 percent over the past two years, indicating sustained confidence in the business environment.

Key positive changes noted by entrepreneurs include improved quality of banking services, a more competitive environment, simplified licensing procedures, and reduced administrative interference. Areas such as market monopolization, tax administration, energy supply, and customs tariffs remained largely unchanged.

In terms of economic activity, the share of entrepreneurs reporting increased energy consumption rose by three percentage points to 53 percent. The strongest growth in energy use was recorded in Karakalpakstan, Andijan, Syrdarya, Khorezm, and Ferghana regions.

Industrial capacity utilization increased significantly in Jizzakh, Kashkadarya, Tashkent, and Surkhandarya regions, while slight declines were observed in Navoi, Tashkent city, Syrdarya, and Samarkand regions. Entrepreneurs cited energy supply interruptions, rising fuel costs, tax administration challenges, limited working capital, and high rental expenses as the main causes of underutilized capacity.

The labor market remained active in the fourth quarter, with the share of enterprises reporting increased demand for additional workers rising by 1.5 percentage points to 46.7 percent. Future labor demand is expected to grow in Andijan, Namangan, Samarkand, and Navoi regions, while Jizzakh, Ferghana, and Bukhara may see a slight decline. The highest demand for new workers is expected in manufacturing, education, construction, and transport sectors.

Financially, the share of entrepreneurs maintaining unchanged debt levels rose to 47 percent from 45 percent in the previous quarter. Demand for credit resources is projected to be highest in Navoi, Namangan, Andijan, Khorezm, and Tashkent regions. Entrepreneurs in construction, manufacturing, finance, healthcare, agriculture, tourism, and education sectors also indicated strong demand for borrowed funds.

Medium-term business sentiment remains optimistic: 68 percent of respondents in Q4 expressed confidence in improving macroeconomic conditions in the near future, a substantial increase compared to early 2025.

Regionally, results vary. In Tashkent city and Tashkent region, 54 percent of entrepreneurs reported improved business conditions, down six percentage points from Q3. Capacity utilization also declined slightly from 53 to 49 percent. In Bukhara, Navoi, and Samarkand regions, 64 percent of respondents noted positive changes, with 67 percent confident in economic growth over the next three years.

In the Ferghana Valley—Andijan, Namangan, and Ferghana regions—66 percent of entrepreneurs reported favorable changes, with 76 percent optimistic about the next three years, marking one of the highest levels of business confidence in the country.

In Kashkadarya and Surkhandarya regions, 51 percent reported positive changes. In Jizzakh and Syrdarya, the figure was 60 percent, with the strongest growth seen in healthcare, trade, catering, and construction sectors.

The most notable improvements occurred in Karakalpakstan and Khorezm regions, where the share of entrepreneurs rating the business climate positively rose from 57 to 62 percent compared to Q3.