Uzbekistan’s business climate is showing steady improvement, supported by stronger domestic demand and rising employment expectations, according to the latest survey by the Centre for Economic Research and Reforms (CERR).
The August business climate index stood at 55 points, up two from the previous year. Current activity was the main driver of growth, with the current business climate index climbing to 49 points, ten higher than a year earlier. While expectations dipped slightly from 67 to 62 points, they remain at a high level, reflecting business confidence in the months ahead.
Entrepreneurs Report Stronger Demand
Survey results highlight optimism among Uzbek enterprises. Forty-five per cent of respondents described their business as being in «good» condition, up from 41% last year. 39% reported improvements over the past three months, while 41% noted stronger demand. Looking forward, 69% expect business growth in the next quarter, 62% anticipate further demand increases and 53% foresee new jobs being created.
Sectoral Performance
Agriculture showed the sharpest month-on-month improvement, with its index up seven points to 57, one point higher than last year. Half of agricultural businesses now rate their situation as «good,» with 42% noting recent improvements and 68 points recorded for expectations.
Industry also saw a rise in current activity, though its composite index slipped slightly to 48. Nearly half of industrial firms considered their situation satisfactory, with 28% reporting new hires and 70% confident about future prospects.
In services, the index rose to 57 points, five higher than a year ago. The most notable jump was in current conditions, which climbed by 16 points to 52. Nearly half of respondents rated their business positively, although a quarter expect little change in the near term.
Construction recorded one of the strongest overall performances, with the index up five points year-on-year to 61. Current conditions rose sharply to 60, an increase of 15 points. While expectations eased slightly to 62, 69% of entrepreneurs anticipate further improvements, compared with 61 per cent last year.
Outlook
The findings confirm that conditions for entrepreneurship in Uzbekistan are becoming more favourable. Expanding demand, job creation and improvements across agriculture, industry, services and construction all point to sustainable growth. Despite a modest adjustment in expectations, businesses remain broadly confident, sending a positive signal to investors and underpinning economic stability.
The Uzbekistan Business Climate Index is compiled monthly by CERR using the methodology of Germany’s IFO Institute, based on surveys of more than 1,000 enterprises across key sectors.
Kursiv also reports that in July 2025 Uzbekistan recorded a significant improvement in its Business Activity Index (BAI), which climbed by 15.9% compared with the previous month.
