Business in Uzbekistan has become more optimistic, but power outages remain one of the main problems, according to the Central Bank.

**Optimism in Uzbek businesses is growing, but energy supply issues remain key — Central Bank**

According to the Central Bank of Uzbekistan's business sentiment survey, in the second quarter of 2026, 64% of entrepreneurs noted an improvement in business conditions, up 3 percentage points from the previous year (61%). This figure, which has remained above 50% for two years, indicates a sustained positive sentiment among entrepreneurs.

The survey, conducted in July across all regions of the country, covered 2,391 entrepreneurs from various sectors of the economy.

Among the key positive changes, businesspeople highlighted improved banking services, increased competition, simplified licensing procedures, and some improvement in road infrastructure. However, they noted no significant improvements in the areas of monopolization, administrative interference, energy supply, and customs tariffs.

The survey also recorded continued high economic activity: 56% of respondents reported an increase in order volumes. The most significant increase in activity was observed in the Samarkand, Kashkadarya, Jizzakh, Navoi, and Khorezm regions. Construction, tourism, catering, handicrafts, and manufacturing contributed the most to the growth in orders.

A significant change was the increase in enterprise utilisation: the share of companies operating at relatively high capacities increased from 50% to 58% over the year. The highest utilisation rates were observed in the Fergana, Namangan, and Kashkadarya regions, as well as in Tashkent. Lower rates were recorded in Karakalpakstan, Bukhara, Syrdarya, and Surkhandarya regions.

Business owners across the country cited gas and electricity supply outages, insufficient demand, rising fuel prices, and supply disruptions as the main obstacles to operating at full capacity. Regional data from the Central Bank confirms the similarity of these problems, which are also compounded by a lack of working capital and logistical difficulties.

In the second quarter, 48% of entrepreneurs reported an increased need for additional labor. The Central Bank forecasts that demand for labor will increase significantly in the coming quarters in the Khorezm, Samarkand, Jizzakh, and Syrdarya regions, particularly in manufacturing, construction, tourism, and finance.

At the same time, the financial burden on some companies is growing: 42% of entrepreneurs noted an increase in debt obligations over the past three months, and 45% expect further growth. The highest demand for credit resources in the next quarter is expected in the Navoi, Kashkadarya, Andijan, and Jizzakh regions. In contrast, in the Fergana, Tashkent, and Bukhara regions, demand for additional financing may decrease or remain unchanged.

The most pronounced change is observed in entrepreneurs' expectations. In the second quarter, 82% of respondents expected an improvement in macroeconomic conditions in the medium term, which is 16 percentage points higher than the year-ago figure (66%). However, regional data shows that this improvement is uneven.

In Tashkent and the Tashkent region, capacity utilization increased significantly in the second quarter: the share of enterprises operating at high capacity increased from 43% to 61%. Highest capacity utilization was observed in healthcare, transportation services, and communications and information services.

Meanwhile, the main problem affecting the full operation of enterprises was gas and electricity supply interruptions, cited by approximately 35% of entrepreneurs (compared to 21% a year earlier). Insufficient demand was noted by approximately 22% of respondents (compared to 12% last year), rising fuel prices by approximately 19% (compared to 17-18%), and logistics disruptions by approximately 19% (compared to approximately 6%).

At the same time, the importance of a number of other issues increased: labor shortages (approximately 11% versus 6% the year before), equipment failures (approximately 10% versus 5%), and raw material shortages (approximately 10% versus 7%). Rent increases, tax system complexities, administrative audits, and economic uncertainty were mentioned less frequently.

Business expectations for the next quarter remain largely positive. 51% of respondents expect an increase in order volumes, primarily in construction, manufacturing, handicrafts, and agriculture. Businesses also anticipate increased production and the need for additional labor.

Entrepreneurs' medium-term optimism has increased significantly: 82% of respondents in Tashkent and the Tashkent region expect an improvement in the economy and business environment over the next three years.