The Central Bank of the Republic of Uzbekistan has published its latest quarterly review assessing business sentiment across the country for the third quarter of 2025. The survey was conducted with the participation of more than two thousand entrepreneurs, covering all major sectors of the economy.
According to the survey results, 62 percent of respondents reported that current business conditions had improved compared to the previous quarter. This indicator has remained above 50 percent for the past two years, reflecting strong confidence among entrepreneurs in the ongoing economic reforms.
Positive assessments were largely driven by improvements in the quality of banking services, expanded access to credit, improved the competitive environment, simplified licensing procedures, and reduced administrative interventions.
Throughout the third quarter, volumes of production and orders, energy consumption, and transportation indicators remained stable. While some regions experienced higher capacity utilization, others saw activity constrained by power supply interruptions, weak domestic demand, and insufficient working capital.
Demand for additional labor force in labor market remained stable. Increased demand for additional labor was observed in manufacturing, construction, agriculture, and tourism. Activity in aforementioned sectors is expected to continue strengthening in the upcoming quarters.
The share of entrepreneurs reporting a reduction in debt obligations increased to 18 percent (up from 14 percent in the previous quarter). Meanwhile, demand for credit resources is expected to remain high in education, healthcare, agriculture, manufacturing, and tourism. In contrast, some regions anticipate a small decline in credit demand.
The executive summary of the Business Sentiment Review for Q3 2025 is available at the following link.
