Uzbekistan Business Climate Improves as Real Sector Strengthens

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s business climate continues to show steady improvement, supported by stronger performance in the real sector of the economy, according to a new analysis by the Center for Economic Research and Reforms (CERR) based on monthly nationwide surveys of entrepreneurs.

The study found that in April 2026 the composite business climate index reached 60 points, up 3 points year-on-year and 4 points compared to March. The indicator remains in positive territory above the 50-point threshold, signaling sustained business activity and stable expectations.

The main driver of growth was a marked improvement in assessments of current economic conditions. The current business situation index rose to 53 points, increasing by 12 points year-on-year. The index of business expectations for the next three months declined by 6 points but remained high at 68 points, reflecting continued optimism among entrepreneurs.

Survey data shows positive dynamics across key areas of business activity. About 37% of entrepreneurs rated their current business condition as “good,” compared with 36% a month earlier. Meanwhile, 40% of respondents reported increased demand for goods and services, up from 36% in March.

Employment trends also remained positive. The share of enterprises that increased staffing over the past three months rose to 23%, compared to 21% in the previous month. In addition, 58% of companies expect further workforce expansion in the coming quarter.

Across sectors, improvements in the business climate were recorded in all major areas of the economy.

The strongest growth was seen in construction, where the business climate index increased by 17 points to 68 points. A total of 43% of sector representatives reported improved business conditions, compared with 34% a year earlier. Demand for construction services rose among 48% of respondents, while the share of firms increasing employment reached 37%.

In industry, the business climate index stood at 65 points, up 5 points year-on-year. Demand and employment indicators remained stable, while price expectations fell by 7 percentage points to 20%.

In agriculture, the index reached 63 points, up 2 points compared to last year. Improved business conditions were reported by 47% of agricultural entrepreneurs, while 40% noted rising demand for their products.

In services, the business climate index stood at 56 points, with 45% of entrepreneurs describing current conditions as favorable.

The report also highlighted barriers to doing business. In April, the share of respondents reporting no obstacles rose to 60%, compared to 52% in March. The most favorable conditions were observed in agriculture and services, where 65% and 61% of entrepreneurs respectively reported no major constraints.

Fewer respondents cited issues related to access to credit, electricity supply, transport, and logistics. However, some entrepreneurs continue to report challenges linked to land access, rising utility costs, and tax burdens.

The sectoral breakdown showed that concerns in agriculture were mainly associated with water supply and utility costs, while in industry and construction businesses more frequently pointed to tax administration challenges.

Overall, the findings indicate sustained business activity in Uzbekistan, gradual strengthening of the real sector, and continued positive expectations among entrepreneurs amid ongoing economic reforms and business support measures.