The Central Bank of the Republic of Uzbekistan has published its consumer sentiment survey review for the fourth quarter of 2025. The survey assesses household expectations regarding income, spending, borrowing, savings, and overall economic conditions.
In Q4, consumer sentiment remained positive, with overall stability maintained.
Households’ income expectations remained strong, reflecting increased confidence in economic activity and financial stability. In particular, 67 percent of respondents expect their income to increase over the next 12 months, while the share of those expecting a decline remains minimal (8 percent).
Spending expectations also remained elevated, with 76 percent of respondents anticipating an increase in their expenditures. Key areas of spending include housing repairs, education, healthcare, as well as vehicle purchases and family-related events.
Demand for credit showed signs of recovery. In Q4, the credit sub-index increased, with 54 percent of respondents indicating a potential need for borrowing in the coming months. This suggests growing household economic activity and greater readiness to utilize financial resources.
The propensity to save remained broadly positive, although a slight decline was observed on a quarterly basis. Around 62.6 percent of respondents expect their savings to increase. At the same time, the annual growth of time deposits in local currency by 37.1 percent indicates rising confidence in the banking system.
Economic expectations also remained positive, with 68.5 percent of respondents expecting an improvement in the country’s economic conditions over the next 12 months. Medium-term expectations are even stronger, as 78.7 percent anticipate continued economic growth over the next three years.
Overall, by the end of 2025, consumer sentiment in Uzbekistan remains positive and stable, reflecting balanced growth in consumption and financial activity amid strong economic optimism.
To read the brief review, follow the link below.
To read the full review, follow the link below.
