According to data from the Central Bank of the Republic of Uzbekistan, a business sentiment survey conducted in July 2026 showed that 64% of Uzbek entrepreneurs noted an improvement in business conditions during the second quarter of 2026. This figure exceeds the average level of over 50% recorded over the last two years and is 3 percentage points higher than the previous year.
}} , 1.Concurrently, the share of enterprises confident in improving macroeconomic conditions over the next three years rose to 82%, up from 66% in the second quarter of 2025. The survey covered 2391 entrepreneurs from various economic sectors who responded via social media.
The study is based on alternative indicators derived from entrepreneurs' self-assessment and covers aspects such as the business environment, economic activity, employment, business financial health, and future expectations.
The overall increase in positive assessments to 64% (compared to 61% the previous year) was accompanied by several factors cited by entrepreneurs as drivers of improvement. In five out of six regional clusters, respondents indicated the same four factors of progress: quality of banking services, access to loans, competitive environment, and simplified licensing procedures.
The exceptions were the regions of Jizzakh and Syrdarya, where road infrastructure, instead of licensing, appeared in the list of improvements. The consistent repetition of these factors across different regions indicates a systemic, rather than local, improvement in banking, lending, and licensing spheres.
The list of factors showing no significant change was more diverse. The only element that remained unchanged across all six regional clusters was the degree of market monopolization. Administrative intervention and customs tariffs were mentioned as unchanged in most regions, but not in all. For instance, in the survey covering Tashkent city and Tashkent region, tax administration and road infrastructure were listed among the unchanged factors.
Power supply outages were noted as an unchanging factor in most regions, including Tashkent, the Bukhara cluster, Fergana Valley, and the Jizzakh cluster, but they were not mentioned in this category in surveys for the Kashkadarya/Surkhandarya or Karakalpakstan/Khorezm regions. Thus, monopolization is the only truly nationwide bottleneck in the perception of business, while other limiting factors vary depending on the region.
Real economic activity indicators also showed positive momentum in the second quarter. The share of entrepreneurs reporting increased order volumes was 56%, with construction, tourism, catering, crafts, and manufacturing contributing the most.
The most noticeable indicator was the rise in the share of enterprises operating at relatively high capacity, which climbed to 58% from 50% compared to the same period last year. However, there was pronounced regional polarization within the country: the highest capacity utilization was recorded in the Fergana, Namangan, and Kashkadarya regions, as well as in Tashkent city, while this figure was significantly lower in Karakalpakstan and the regions of Bukhara, Syrdarya, and Surkhandarya.
When explaining insufficient capacity utilization, entrepreneurs in most regions cited power supply outages and insufficient domestic demand as primary or secondary reasons. The exception was Karakalpakstan and the Khorezm region, where insufficient demand was not mentioned among the main reasons, and energy supply and logistics issues took precedence.
In other regions, besides power outages and demand, rising fuel prices, lack of working capital, and logistical and disruption problems were cited as limiting factors, with the specific combination varying from region to region.
Labor market activity remained stable across the country: 48% of enterprises reported an increased need for additional workers. The strongest growth in labor demand is expected in the coming quarters in Khorezm, Samarkand, and the Jizzakh and Syrdarya regions, primarily in the manufacturing, construction, tourism, and finance sectors.
Employment was an area where the survey recorded a clear divergence: in the Andijan, Namangan, and Fergana regions, the share of entrepreneurs reporting increased labor demand decreased by 14 percentage points, against a backdrop of general sentiment slowdown in this regional cluster.
The share of entrepreneurs reporting an increase in debt obligations over the last three months was 42%, while 45% of respondents forecast a further increase in the debt level, indicating strengthening demand for credit resources across the country.
The regional picture here is also mixed. The most pronounced expected growth in demand for credit resources in the next quarter is predicted in the Navoi, Kashkadarya, Andijan, and Jizzakh regions, while businesses in the Fergana, Tashkent, and Bukhara regions expect a decrease or maintenance of credit demand.
Enterprises showing higher expected demand for borrowed funds were mainly concentrated in capital-intensive and seasonal sectors: construction, manufacturing, agriculture, tourism, and catering.
A key indicator of the survey remains business confidence in improving economic conditions over the next three years. Nationally, this figure rose to 82%, which is 15 percentage points higher than in the second quarter of 2025. The Central Bank interprets this as a sign of strengthening long-term business confidence in the economy's development trajectory.
The share of positive assessments of business conditions in Tashkent was 53%, slightly exceeding last year's level, with the most noticeable progress observed in construction, transport, manufacturing, and trade. Capacity utilization here grew more sharply than anywhere else in the country, reaching 61% from 43%. The share of entrepreneurs reporting increased orders and production consequently rose by 4 and 7 percentage points. Confidence in economic improvement over the next three years stood at 82%, matching the national average.
This cluster demonstrated the strongest positive impulse among all regions: 69% of respondents reported improved conditions, which is 8 percentage points higher than the previous year; orders grew by 11 percentage points to 64%; and confidence in economic improvement over the next three years reached the highest regional level—84%. Simultaneously, the share of entrepreneurs reporting an increase in loan payments decreased by 5 percentage points, which may indicate an easing of the debt burden or the absence of additional pressure related to loan servicing.
This is the only region where the survey recorded a deterioration in key business sentiment indicators: the share of positive assessments of business conditions fell to 66%, which is 4 percentage points lower; the demand for additional labor decreased by 14 percentage points; expectations for order growth in the next quarter decreased by 14 percentage points to 54%; and confidence in economic improvement over the next three years, which was 81%, was slightly lower than the previous year. Furthermore, this region saw one of the sharpest jumps in capacity utilization, reaching 70% from 57%, creating an apparent contradiction: enterprises in the Fergana Valley are operating at a higher capacity while assessing the business environment and demand prospects less optimistically. A possible explanation suggested by the survey data is that the increase in capacity utilization reflects a fuller use of existing resources rather than an expansion of demand, against a backdrop of more cautious expectations for new orders.
Sixty-one percent of respondents reported improved conditions, particularly in tourism, finance, agriculture, and education. Capacity utilization grew to 58% from 48%, representing an increase of 10 percentage points. A distinguishing feature of this region was the stabilization of demand for credit resources: the need for additional credit was not recorded in the household services, trade, or agricultural sectors. Confidence in economic improvement over the next three years stood at 84%, significantly higher than the previous year.
Sixty-six percent of respondents noted improved conditions, which is 4 percentage points higher, with the demand for additional labor growing more than in any other region, increasing by 11 percentage points to 56%. Confidence in economic improvement over the next three years showed the sharpest growth among all regions, rising to 80% from 64%, an increase of 16 percentage points, making this cluster the region with the fastest improving expectations.
Sixty-five percent of respondents reported improved conditions, an increase of 9 percentage points, which is one of the highest increases among all regions. Growth in orders, production, and energy consumption amounted to 4, 7, and 6 percentage points, respectively. Unlike most other regions, this cluster recorded an increase, not a decrease, in the share of entrepreneurs expecting higher loan payments, which may indicate a stronger sentiment favoring additional financing for growth. Confidence in economic improvement over the next three years stood at 81%.
A comparative analysis of the regions reveals several common trends based on the Q2 2026 survey results. Firstly, the improvement in the business environment perceived by businesses is nationwide but varies in intensity. The largest increase in positive assessments was recorded in the Bukhara/Navoi/Samarkand cluster (an increase of 8 percentage points) and Karakalpakstan/Khorezm (an increase of 9 percentage points), while the Andijan/Namangan/Fergana cluster was the only one to show a decline of 4 percentage points.
Secondly, the only truly nationwide structural constraint described as unchanged by all six regional clusters is the level of market monopolization. Other limiting factors, including energy supply, administrative intervention, customs tariffs, and tax administration, were mentioned in this category in most, but not all, regions, differing from the factors of clear progress, namely: banking services, lending, competition, and, in five out of six clusters, licensing.
Thirdly, power supply outages and insufficient demand were the most frequently mentioned reasons for incomplete capacity utilization in most regions, with the exception of Karakalpakstan and the Khorezm region, where insufficient demand was not listed among the main reasons.
Fourthly, despite discrepancies in regional current assessments, confidence in medium-term, three-year prospects has grown in almost all regions and exceeds 80% in most of them, which the Central Bank interprets as a sign of strengthening long-term business confidence in the country's economic trajectory.
According to data from the National Agency for Advanced Projects (NAPP), Uzbekistan's insurance market demonstrated positive dynamics across all key indicators during the first half of 2026. These indicators include insurance premiums, payouts, the number of active policies, and the charter capital of insurance companies.
In the first six months of 2026, the total number of active insurance policies reached 13.1 million, which is 14.9% higher than the figure for the same period last year. Meanwhile, insurance premiums increased by 28.6%, amounting to 8 trillion soms.
The charter capital of insurance organizations grew by 37.2%, reaching 4.3 trillion soms. The most significant growth was noted in the area of insurance payouts, which increased by 81.3% to 2.3 trillion soms.
The total value of insurers' liabilities by the end of the first half of 2026 reached 4,421.3 trillion soms, demonstrating a growth of 48.4% compared to the previous year.
At the beginning of the first half of 2026, 35 insurance companies were operating in the Uzbek market. Among them, 27 engaged in general insurance, seven specialized in life insurance, and one company operated exclusively in the reinsurance sector.
Additionally, there were 10 insurance brokers, seven actuarial specialists with professional certificates, and 3,684 insurance agents in the country.
