Entrepreneurial activity in Uzbekistan shows steady growth

On the eve of Entrepreneur Day, CEIR presented an overview of the business climate in Uzbekistan based on survey data throughout the republic. According to the analysis, more than a third of entrepreneurs note an improvement in business activity, and the majority predict an increase in demand and employment in the coming months. In general, the business environment in the country continued to strengthen, maintaining the positive dynamics of recent years.

August 18, 2025, TashkentThe Center for Economic Research and Reforms (CERR) presented the results of an analysis of the business climate for July of this year. According to the results, a Business Climate Index was formed, reflecting current assessments of the state of business and expectations for its development in the near future.

Business climate analysis

In July, the composite indicator of the business climate increased by 5 points compared to the same period last year years, and amounted to 52 units. The improvement was recorded primarily due to the growth of current activity, the indicator of the current state of the business climateincreased to 44 points (+14) compared to the same period last year.

The index of the current state of business reflects the perception of entrepreneurs of the actual situation and business conditions, such as sales, employment, demand, access to resources, operating stability Wednesday.

At the same time, the business expectations index adjusted from 66 to 59 points, while remaining at a fairly high level, which reflects the steady confidence of entrepreneurs in the prospects.

According to the survey results, entrepreneurial activity in the country shows positive trends. More than a third of respondents (37%) reported that their business has improved over the past three months, and 42% noted an increase in demand for products and services. Every fourth entrepreneur (24%) announced an increase in the number of employees, which indicates an expansion of business activity and the need for additional labor resources.

In terms of expectations for the coming months, general optimism remains. The majority of respondents (66%) predict further growth in demand. More than half of entrepreneurs (53%) expect employment to expand, and a quarter (25%) allow prices to rise, which reflects the impact of inflation expectations on the business environment.

Sector analysis

In July, an improvement in the business environment was noted in agriculture. The business climate indicator was 50 points, which is 4 points higher than last year. The assessment of the current situation rose from 35 to 39 points, reflecting a noticeable improvement in recent months, and expectations for the future rose from 59 to 61 points, maintaining a positive mood among entrepreneurs.

The survey of entrepreneurs confirms these trends, as 41% of entrepreneurs noted an improvement in business over the past three months (versus 35% a year earlier), and 79% expect further strengthening of their position (69%).

In industry, the business climate increased to 50 points, which is 6 points higher than last year. More than half of entrepreneurs (51%) assess the current situation as satisfactory, while 21% noted an increase in employment over the past three months. Positive expectations also remain; 74% of respondents predict further improvement in business conditions. A significant factor was the sharp strengthening of the current assessment, this indicator rose from 20 to 44 points, which reflects a noticeable recovery in business activity in industry.

The business climate in the service sector in July amounted to 54 points, which is 3 points higher than last year’s level. The current assessment of the business climate has strengthened significantly, rising from 34 to 48 points.

Almost half of entrepreneurs (47%) rate the state of their business as good, and 39% noted its improvement over the past three months. At the same time, expectations remain generally positive, with 64% of respondents predicting further growth in demand, although this figure has decreased slightly compared to last year (69%).

In the construction industry, the business climate has strengthened and reached 50 points, which is 5 points higher than last year. The current assessment improved from 28 to 38 points, and expectations increased from 62 to 63 points, remaining at a fairly high level.

42% of entrepreneurs noted an improvement in the state of business over the past three months (compared to 25% a year earlier), and 24% of respondents expect further improvement in the future, which reflects the positive mood of market participants.

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Thus, Uzbekistan is demonstrating consistent progress in creating a favorable business environment. The growth in current activity and the high share of optimistic business expectations confirm the stability of domestic demand and the ability of the private sector to adapt to changing conditions.

The Uzbekistan Business Climate Index is calculated by CEIR based on surveys of more than 1,000 enterprises in various industries. The business climate indicator was built according to the methodology of the IFO Institute (Germany). During the surveys, business managers assess current and expected changes in the business environment based on production dynamics, demand, etc.