The business environment has improved in all major sectors of Uzbekistan's economy

The business environment has improved in all major sectors of Uzbekistan's economy

The Center for Economic Research and Reforms presented the results of an analysis of the business environment in Uzbekistan, based on monthly surveys of entrepreneurs across the republic.

Based on the data obtained, a composite business environment indicator was calculated, reflecting assessments of the current state of business and expectations for the next three months.

Dynamics of the composite business environment index in Uzbekistan

In September, the composite business environment index stood at 64 points, which is 7 points higher than in the same period last year.

An index value above 50 points indicates a predominance of optimistic assessments in the business community.

According to the assessment results, the index of the current state of business rose by 8 points compared to last year and stood at 60 points.

The business expectations index increased by 5 points to reach 67 points.

Four out of every ten entrepreneurs (43%) noted that the state of their business had improved over the past three months.

Almost half of the respondents (49%) assessed the current state of their business as "good." At the same time, every fourth company (25%) saw an increase in the number of employees over the past three months.

Almost two-thirds of entrepreneurs (63%) expect demand for their products to grow in the next three months.

Dynamics of the business environment index by sector

Compared to last year, the business environment index rose in industry, construction, and the services sector, while in agriculture it remained almost unchanged.

In industry, the composite business environment index rose significantly (+16 points) to 59 points. The growth is explained by the fact that the index of business development expectations for the next three months increased by 15 points to reach 58 points, and also by the fact that the index of the current state of business rose by 18 points to 61 points.

Compared to last year, the share of entrepreneurs in industry expecting an improvement in the state of business in the next three months reached 71% (+11 p.p.), and the share of those expecting demand for products to grow reached 61% (+7 p.p.).

In the services sector, the composite business environment index improved significantly (+7 points) to 64 points. The growth is explained by improved assessments of the current state of business (+8 points), as well as expectations regarding development prospects in the next three months (+7 points).

More than half of service sector enterprises (51%) assessed the current state of business as "good" (+5 p.p.). 70% of representatives of this sector expressed positive expectations for the next three months (+1 p.p.). In addition, the share of companies noting an improvement in the state of business over the past three months reached 42%, rising by 5 percentage points.

In agriculture, the composite business environment index remained unchanged at 65 points. In the agricultural sector, assessments of the current state of business rose by 3 points to reach 59 points. Entrepreneurs' expectations for the future period, despite a decrease of 3 points, remained at a relatively high level of 72 points.

Over the past three months, 43% of entrepreneurs noted an improvement in the state of business (in 2025 — 42%). The share of those who assessed the current state of business as "good" was 46%, slightly exceeding last year's figure (45%).

In construction, the composite business environment index rose significantly compared to last year (+7 points) to 70 points. The index of expectations for the future period in the sector increased by 17 points to reach 78 points. Assessments of the current state of business, on the contrary, decreased by 2 points to 62 points.

An improvement in the state of business over the past three months was noted by 48% of construction companies (last year — 44%). At the same time, 54% of enterprises assessed the current state of business as "good" (last year — 53%).

The share of construction companies expecting demand for their products to grow in the next three months reached 73% (last year — 60%).

Fewer obstacles to doing business

The share of entrepreneurs facing no obstacles in doing business reached 72%, rising by 5 percentage points.

The highest figure was recorded in construction (78%). This is followed by the services sector (74%), industry (66%), and agriculture (63%).

Among the main obstacles to doing business, the share of problems related to taxation reached 23% (+5 p.p.), and problems related to the banking system reached 15% (+3 p.p.). The share of entrepreneurs facing other financial difficulties rose to 11% (+1 p.p.). The share of respondents pointing to insufficient demand decreased to 4% (-3 p.p.).

The main difficulties in the tax sphere are related to tax administration (17%) and the level of tax rates (6%).

By sector, tax administration (13%, +2 p.p.) and difficulties in obtaining a loan (7%, -2 p.p.) were most frequently noted in agriculture.

In industry, the share of other financial difficulties was 16% (+9 p.p.), and problems related to tax administration stood at 13% (+5 p.p.).

In construction, the share of problems related to tax administration reached 17% (+5 p.p.), and the share of other financial difficulties also stood at 17% (+8 p.p.).

In the services sector, 21% of entrepreneurs (+5 p.p.) pointed to problems related to tax administration, and 6% (-2 p.p.) pointed to difficulties in obtaining land.