Business sentiment in Uzbekistan continued to improve in the first quarter of 2026, reflecting sustained positive dynamics in economic activity and the business environment. According to the regional surveys conducted by the Central Bank of the Republic of Uzbekistan, a total of 2,487 entrepreneurs participated in the survey, covering a broad range of sectors across all regions of the country.
The survey results indicate that entrepreneurs’ assessments of economic activity, business conditions, and employment remained generally positive and stable. In particular, 64 percent of respondents assessed current business conditions as improved compared to the corresponding period of the previous year (56 percent in Q1 2025). The fact that this indicator has remained above 50 percent on average over the past two years suggests that business confidence has stayed resilient.
Positive assessments were mainly associated with improvements in banking services, broader access to credit, a more competitive business environment, simplified licensing procedures, and a decline in administrative interference. At the same time, respondents noted that challenges related to energy supply, tax administration, and customs procedures still remain among the factors constraining business activity.
Economic activity indicators also showed continued improvement during the quarter. The share of respondents reporting increases in production volumes, order flows, freight transportation, and demand for additional labor rose compared to the same period last year. In particular, the share of entrepreneurs reporting higher order volumes increased to 57 percent, mainly driven by manufacturing, tourism, agriculture, education, and catering sectors.
Labor market conditions remained stable, while demand for additional workers strengthened further, especially in manufacturing, construction, tourism, agriculture, and services sectors. Medium-term expectations also remained optimistic, with 71 percent of surveyed businesses expecting macroeconomic conditions to improve over the next three years.
The executive summary of the Business Sentiment Review for 2026 Q1 is available at the following link: Link
