Business sentiment in Uzbekistan continued to improve in the second 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 2,391 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 (61 percent in Q2 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 the quality of banking services, a more competitive business environment, simplified licensing procedures, and a slight improvement in road infrastructure. At the same time, respondents noted that conditions related to market concentration, administrative interference, energy supply, and customs tariffs remained largely unchanged from a year earlier.
Economic activity indicators also showed continued improvement during the quarter. The share of respondents reporting increases in production volumes, order flows, fuel consumption, and freight transportation remained high. In particular, the share of entrepreneurs reporting higher order volumes stood at 56 percent, mainly driven by the construction, tourism, catering, handicrafts, and manufacturing sectors.
Labor market conditions remained positive, with demand for additional workers particularly strong in manufacturing, construction, tourism, and finance - the share of business entities reportinghigher demand for labor reached 48 percent in Q2. Medium-term expectations also strengthened notably, with 82 percent of surveyed businesses (66 percent in Q2 2025) expecting macroeconomic conditions to improve over the next three years.
The executive summary of the Business Sentiment Review for 2026 Q2 is available at the following link.
