Why is this important
Positive business sentiment reflects the resilience of economic activity and business confidence in the current environment. Rising macroeconomic expectations strengthen investment and entrepreneurial activity. At the same time, differences across regions and sectors indicate where the main growth drivers are concentrated. These data are important for assessing the real state of the economy and shaping further business support policies.
What happened
- The Central Bank of Uzbekistan published a review of business sentiment for the fourth quarter of 2025.
- According to the survey results, most entrepreneurs noted an improvement in business conditions compared to the previous quarter.
- A positive trend is observed both in the current assessment of the business environment and in expectations for the future.
- Improvements are associated with the quality of banking services, competition, and administrative procedures.
Numbers and facts
- 60% of entrepreneurs reported improved business conditions compared to the third quarter of 2025, while the indicator has remained above 50% over the past two years.
- 68% of respondents expect macroeconomic conditions to improve in the future, with more than 2.3 thousand entrepreneurs from all regions of the country participating in the survey.
- In Tashkent city and Tashkent region, 54% of respondents noted improved business conditions, with expected growth in orders, production, and demand for credit.
- In Bukhara, Navoi, and Samarkand regions, 64% of entrepreneurs reported improvements in the business environment, with positive dynamics observed in services, trade, and agriculture.
- In Andijan, Namangan, and Fergana regions, 66% of respondents noted improved conditions, with increased activity in construction, education, and public catering.
- In Kashkadarya and Surkhandarya regions, the indicator stood at 51%, while positive expectations for orders remain.
- In Jizzakh and Syrdarya regions, 60% of entrepreneurs reported improved conditions, with increased activity in trade, construction, and healthcare.
- In Karakalpakstan and Khorezm region, 62% of respondents reported improvements in the business environment, with growth in transport, industry, and trade.
Context
- For businesses, this means the continued presence of a favorable environment and expectations of increased demand, orders, and financing.
- For the banking sector, the role of lending as one of the key drivers of business activity is strengthening.
- Regional differences show where growth points are emerging and where additional support is needed.
- Overall, the economy demonstrates steady growth in expectations amid ongoing structural constraints.
