Services and industry showed growth in business climate in August – CERR survey
Entrepreneurs' assessments in August improved compared to last year, with the most pronounced positive dynamics noted in the services sector and industry, while assessments in agriculture and construction were more moderate. At the same time, the prevalence of key obstacles to business continued to decline.
Services and Industry Showed Business Climate Growth in August — CERR Survey
Based on the data obtained, a composite business climate indicator was formed, reflecting assessments of the current state of business and expectations for the next three months.
**Dynamics of Uzbekistan's Composite Business Climate**
In August, the composite Business Climate Index reached 59 points, which is 4 points higher than the figure for the same period last year. Index values above 50 points indicate the predominance of optimistic assessments in the entrepreneurial environment.
According to estimates, the current state index and the business expectations index increased by four points each compared to last year, amounting to 53 points and 66 points, respectively.
Over the past three months, the state of business improved for four out of ten entrepreneurs (40%). Half of the respondents (50%) assess the current state of business as "good," while every fourth enterprise (25%) saw an increase in the number of employees over the past three months.
About two-thirds of entrepreneurs (66%) expect an increase in demand for products in the next three months.
**Sectoral Dynamics of the Business Climate Index**
Compared to last year, the business climate indicator grew in industry and the services sector, while a slight decline was recorded in agriculture and construction.
In industry, the composite business climate indicator improved by 5 points and amounted to 53 points. This is due to an 18-point increase in expectations regarding development prospects for the next three months, up to 73 points, while current business assessments decreased by 6 points, to 35 points.
Compared to last year, the share of entrepreneurs in industry expecting an improvement in the state of business in the next three months rose to 74% (+5 p.p.), and the share of those expecting growth in demand for products increased to 67% (+7 p.p.). At the same time, the share of entrepreneurs assessing the current state of their business as good slightly decreased and amounted to 35% (-4 p.p.).
In the services sector, the composite business climate indicator improved significantly by 7 points and amounted to 64 points. The changes are explained by both an 11-point improvement in current business assessments and a 4-point increase in expectations regarding development prospects for the next three months.
More than half of the companies in the services sector (56%) assess the current state of business as good (+9 p.p.). Expectations for the next three months became more confident for 72% of representatives of this sector (+3 p.p.). The share of companies noting an improvement in the state of their business over the past three months also grew to 44% (+5 p.p.).
In agriculture, the composite business climate indicator amounted to 53 points (-4 p.). In the agricultural sector, current assessments (47 p.) remained unchanged, while entrepreneurs' expectations decreased to 60 points (-8 p.).
An improvement in the situation over the past three months was reported by 37% of entrepreneurs (42% in 2025). At the same time, demand for products increased for 41% of entrepreneurs, which is slightly below last year's level (49%).
In construction, the composite business climate indicator remained almost unchanged (-1 p.) compared to last year and amounted to 60 points. In the industry, current assessments improved by 3 points, to 63 points, while business expectations decreased by 4 points, to 58 points.
Over the past three months, the current situation in construction improved for 41% of construction enterprises (37% a year earlier); at the same time, 46% of enterprises assessed the current state of their business as good (37%). The share of companies expecting growth in demand for their products in the next three months was 57% (61% previously).
**Obstacles to Doing Business Are Decreasing**
The share of entrepreneurs experiencing no obstacles to doing business rose to 67% (+8 p.p.).
The highest figure was recorded in the services sector — 72%, followed by construction — 63%, agriculture — 61%, and industry — 60%.
Among the main constraints for business, obstacles related to taxation were noted: their share decreased to 18% (-1 p.p.), and to the banking system — to 13% (-2 p.p.).
The share of entrepreneurs experiencing other financial difficulties decreased to 10% (-2 p.p.), while insufficient demand was indicated by 7% (-1 p.p.) of respondents. In the tax sphere, the main difficulties are related to tax administration (13%) and the level of tax rates (5%).
In the sectoral breakdown, tax administration — 11% (+3 p.p.) and difficulties in obtaining loans — 9% (-2 p.p.) were more frequently noted in agriculture.
In industry, insufficient demand amounted to 12% (-1 p.p.), difficulties with lending — 11% (+5 p.p.), and tax administration — 8% (+4 p.p.).
In construction, the share of problems with tax administration rose to 12% (+7 p.p.), while those with obtaining loans decreased to 7% (-6 p.p.).
In the services sector, tax administration was noted by 16% of entrepreneurs, and difficulties in obtaining land — by 8% (+3 p.p.).