The Central Bank of the Republic of Uzbekistan has published its latest quarterly review assessing business sentiment across the country for the fourth quarter of 2025. The survey was conducted with the participation of more than two thousand business entities, covering enterprises operating across all major sectors of the economy.
According to the survey results, 60 percent of respondents reported that current business conditions had improved compared to the previous quarter. This indicator has remained above 50 percent over the past two years, reflecting strengthening confidence among entrepreneurs in ongoing economic reforms.
Positive assessments were mainly driven by improvements in the quality of banking services, expanded access to credit, a more competitive market environment, simplified licensing procedures, and reduced administrative interference.
During the fourth quarter, the share of businesses reporting increases in production and order volumes, energy consumption, and transportation indicators rose. While capacity utilization increased in some regions, activity in others was constrained by power supply disruptions, rising fuel prices, and insufficient working capital.
Demand for additional labor remained stable in the labor market. In particular, increased demand for labor was observed in manufacturing, construction, education, healthcare, and services sectors. This trend is expected to persist in the coming quarter.
The share of entrepreneurs reporting unchanged debt obligations reached 47 percent. At the same time, demand for credit resources is expected to remain high in construction, manufacturing, healthcare, agriculture, tourism, and education sectors. In some regions, a slight decline in credit demand is anticipated.
The executive summary of the Business Sentiment Review for Q4 2025 is available at the following link.
