Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has published the latest results of its business activity monitoring in the country.

According to the data, Uzbekistan’s composite Business Climate Index reached 63 points in June 2025 — the highest level in the past two years, indicating growing business confidence and a steady recovery of the business environment.

The study is based on regular surveys of business representatives across the country and reflects both the current state of the business environment and expectations for short- and medium-term development.

Strengthening Position

In June this year, the composite index rose by 10 points compared to the same period in 2024 and by 2 points compared to May 2025, marking the highest level since the beginning of the year. Improvement in the business climate was recorded across most sectors, particularly in services and industry, suggesting continued economic recovery.

Index Components

The Current Conditions Index reached 47 points — 13 points higher than in June last year. This component reflects the real conditions of doing business, including sales volumes, employment levels, demand, access to resources, and operational stability.

The Expectations Index rose by 6 points to reach 80, indicating a high level of optimism among entrepreneurs regarding business prospects over the next 6 to 12 months.

According to the survey, 38% of respondents reported improved business conditions over the past three months, 38% noted an increase in demand for their products and services, and 24% observed an increase in staff numbers. Meanwhile, 71% expect further growth in demand, 59% anticipate rising employment, and 21% foresee an increase in prices.

Sectoral Dynamics

Industry: The Business Climate Index reached 59 points, up 5 points year-on-year. Business expectations rose from 73 to 83 points. 38% of industrial enterprises reported improved activity, while 79% expect further growth.

Agriculture: The index rose to 59 points, up 3 points from the previous year. The Current Conditions Index increased from 35 to 41, while the Expectations Index rose from 80 to 83. 49% of agricultural enterprises rated their situation as satisfactory, 22% reported employment growth, and 79% anticipate increased business activity.

Services: The highest growth was seen in this sector — up 17 points year-on-year to 68. The Current Conditions Index jumped 22 points to 57, and Expectations rose by 11 points to 79. 47% of entrepreneurs described the current situation as “good,” 39% reported improved conditions, and 71% expect rising demand.

Construction: The index stood at 61 points, a 4-point increase. The Current Conditions Index grew by 15 points to 49, while Expectations declined by 9 points to 73. 36% of respondents reported improved conditions, while 21% expect stability.

Overall Conclusion

Uzbekistan’s business climate continues to show positive momentum. Sustained growth has been recorded across key economic sectors, including industry, agriculture, construction, and services. Business optimism is supported by both current performance indicators and favorable expectations for the near future.

Uzbekistan’s Business Climate Index is compiled by CERR using international methodology developed by the IFO Institute (Germany) and is based on surveys of more than 1,000 enterprises from various sectors of the national economy.