According to an analysis conducted by the Center for Economic Research and Reforms (CEIR), entrepreneurs' assessments in Uzbekistan improved in August compared to the same period last year. The most positive dynamics were observed in the service and industry sectors, while indicators in agriculture and construction were more moderate.
Simultaneously, there was a decrease in the prevalence of major obstacles to doing business. CEIR presented the results of its business climate analysis of Uzbekistan, based on monthly surveys of entrepreneurs across the country.
Based on the collected data, a comprehensive business climate index was developed, which reflects the current state of enterprises and expectations for the next three months. In August, the composite Business Climate Index of Uzbekistan stood at 59 points, which is four points higher than the previous year. A score above 50 points indicates the predominance of optimistic sentiments among businesses.
According to the survey, both the current business conditions index and the expectations index grew by four points year-on-year, reaching 53 and 66 points, respectively. Four out of ten entrepreneurs (40%) reported that their business improved over the last three months. Half of the respondents (50%) rated the current conditions as 'good,' and a quarter of enterprises (25%) increased their staff during the past period.
Approximately two-thirds of entrepreneurs (66%) forecast an increase in demand for their products over the next three months.
Sector Dynamics
Compared to last year, the business climate indicator rose in industry and the service sector, while some decline was recorded in agriculture and construction.
In the industrial sector, the composite indicator improved by five points, reaching 53 points. This growth is due to an 18-point increase in expectations for the next three months, which reached 73 points, although the assessment of the current business situation decreased by six points to 35 points. The share of industrial entrepreneurs expecting improved conditions in the next three months increased to 74% (+5 percentage points), and the share expecting increased demand rose to 67% (+7 percentage points). Meanwhile, the share of companies rating current conditions as good slightly decreased to 35% (-4 percentage points).
In the service sector, the composite business climate rose significantly by seven points, reaching 64 points. This change resulted from improvements in both the current business assessment (+11 points) and future expectations (+4 points). More than half of the companies (56%) in the service sector rated their current conditions as good (+9 percentage points), and confidence in expectations for the next three months increased to 72% (+3 percentage points). The share of firms reporting an improvement in the situation over the last three months also increased by five percentage points, reaching 44%.
In agriculture, the composite index was 53 points, four points lower. The current assessment in the agricultural sector remained unchanged at 47 points, while business expectations fell to 60 points (-8 points). About 37% of entrepreneurs reported improved conditions over the last three months, compared to 42% in 2025. Furthermore, 41% of entrepreneurs noted an increase in demand for their products, which is lower than last year's level of 49%.
In the construction industry, the composite indicator remained almost unchanged compared to the previous year, decreasing by one point to 60 points. Current assessments in the sector improved by three points, reaching 63 points, but business expectations decreased by four points to 58 points. Over the previous three months, current conditions improved for 41% of construction companies, compared to 37% the previous year. Additionally, 46% of companies rated their current situation as good, up from 37% previously. The share of companies expecting demand growth in the next three months was 57%, compared to 61% the previous year.
Decrease in Business Obstacles
The share of entrepreneurs who do not face business obstacles increased to 67% (+8 percentage points). The highest figure was recorded in the service sector—72%, followed by construction (63%), agriculture (61%), and industry (60%).
Among the main limitations for business, tax issues were highlighted, with their share decreasing to 18% (-1 percentage point), as was the banking system, which stood at 13% (-2 percentage points). The share of entrepreneurs experiencing other financial difficulties decreased to 10% (-2 percentage points), while insufficient demand was cited by 7% (-1 percentage point) of respondents. In terms of taxation, the main difficulties were administrative issues (13%) and tax rates (5%).
By sector, administrative complexities in taxation were most often mentioned in agriculture (11% with a rise of 3 percentage points), while difficulties in obtaining loans amounted to 9% (-2 percentage points). In industry, insufficient demand accounted for 12% (-1 percentage point), difficulties in obtaining loans were 11% (+5 percentage points), and administrative issues in taxation were 8% (+4 percentage points). In construction, the share of those reporting problems with tax administration rose to 12% (+7 percentage points), while difficulties in obtaining loans decreased to 7% (-6 percentage points). In the service sector, 16% of entrepreneurs mentioned administrative issues in taxation, and difficulties in obtaining land amounted to 8% (+3 percentage points).