According to the Central Bank of Uzbekistan's business climate review, 64% of entrepreneurs in the country reported improved business conditions in the second quarter of 2026, up from 61% a year earlier. The indicator has remained above 50% for the past two years, indicating stable business sentiment.
The survey, conducted in July across all regions, involved 2,391 entrepreneurs from various sectors. Respondents reported high economic activity, with 56% noting an increase in order volumes, particularly in Samarkand, Kashkadarya, Jizzakh, Navoi, and Khorezm regions.
The construction, tourism, catering, handicraft, and manufacturing sectors contributed most to the growth in orders. One notable change was the increase in production capacity utilization: the share of businesses operating at relatively high capacity rose from 50% to 58% year-on-year. The highest levels were recorded in Fergana, Namangan, Kashkadarya, and Tashkent city, while the lowest were in Karakalpakstan, Bukhara, Syrdarya, and Surkhandarya.
However, entrepreneurs cited frequent gas and electricity outages, insufficient demand, rising fuel prices, and supply chain disruptions as major obstacles to operating at full capacity. Energy supply issues have become particularly acute: about 35% of respondents flagged this problem, compared to approximately 21% a year earlier.
Insufficient demand was cited by about 22% of respondents (up from 12% a year ago), fuel price increases by 19% (up from 17-18%), and logistics disruptions by 19% (up from about 6%). Other issues also gained prominence: labor shortages (11% vs. 6%), equipment breakdowns (10% vs. 5%), and raw material shortages (10% vs. 7%).
In the second quarter, 48% of entrepreneurs reported an increased need for additional labor. The Central Bank expects labor demand to rise notably in Khorezm, Samarkand, Jizzakh, and Syrdarya regions, with high demand in manufacturing, construction, tourism, and finance sectors.
Financial pressure is mounting: 42% of entrepreneurs reported an increase in debt obligations over the past three months, and 45% expect further increases. The most significant rise in credit demand is expected in Navoi, Kashkadarya, Andijan, and Jizzakh regions, while demand may decline or remain flat in Fergana, Tashkent, and Bukhara.
The most notable change was in entrepreneurs' expectations for economic prospects. In the second quarter, 82% of respondents expected macroeconomic conditions to improve in the medium term, up from 66% a year earlier—a 16-percentage-point increase in positive sentiment.
Regional data show uneven improvements. In Tashkent city and region, capacity utilization rose significantly, with the share of high-capacity enterprises increasing from 43% to 61% year-on-year. The highest levels were in healthcare, transport services, communications, and IT.
Overall, business sentiment remains positive, but systemic issues such as energy supply, logistics bottlenecks, and rising debt could hinder economic growth in the future.
Source: www.gazeta.uz