As of the end of November 2025, Uzbekistan’s overall Business Climate Index stood at 52 points. This figure marks a one-point increase compared to last year, signifying cautious yet positive changes in the country’s entrepreneurial environment.
According to a report presented by the Center for Economic Research and Reforms on December 18, the growth of the index was primarily driven by the services and construction sectors. Notably, business activity in the services sector saw a significant uptick, with the index rising by 11 points in just one month to reach 59 points. Entrepreneurs in this sector maintain cautious but stable optimism about the future.
The construction sector also demonstrated positive dynamics, with the index increasing by 4 points to 55 points. This reflects sustained activity in infrastructure projects and the market as a whole.
Meanwhile, conditions in agriculture and industry remain more challenging. The indices for these sectors declined to 48 and 42 points, respectively, indicating a slowdown in economic activity within specific manufacturing and agricultural areas.
Research findings show that current business conditions are being evaluated more favorably by entrepreneurs. This indicator rose from 45 points to 50 points. Nearly half—48%—of respondents assessed the current state of business positively, a 6-point improvement compared to the previous year.
The proportion of entrepreneurs noting an improvement in conditions over the past quarter also increased, reaching 39%, a significant rise compared to 33% recorded in November 2024.
Additionally, the share of companies reporting growing demand in the market reached 48%. Positive changes were also observed in employment, with 24% of entrepreneurs stating that their workforce had increased, compared to 21% last year.
Experts believe that activity in the services and construction sectors may continue to positively impact the business environment in the coming months. At the same time, restoring stability in the industrial and agricultural sectors remains a key challenge.
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