Business confidence can provide a useful view of where an economy may be heading. In Uzbekistan, the Central Bank’s Q2 2026 Business Sentiment Survey points to a broadly positive outlook among entrepreneurs.
Based on a survey of 2,391 businesses, 82% of respondents said they expect business conditions to improve in the near future.
The findings add an important perspective to GDP, investment and trade statistics: they show how companies already operating in the market view current conditions and what they expect next.
What Are Businesses Saying?
According to the Central Bank’s findings:
- 64% reported an improvement in business conditions;
- 56% reported an increase in orders;
- 58% indicated high levels of capacity utilisation;
- 82% expect business conditions to improve going forward.
Together, the figures suggest that optimism is not limited to expectations. A significant share of surveyed companies also reported improvements in their current operating environment.
Why Business Confidence Matters
Economic statistics describe what has already happened. Sentiment offers another perspective: what companies believe may happen next.
When businesses expect better conditions, they may be more willing to invest, hire, expand production, develop partnerships or launch new products and services.
Sentiment is not a guarantee of future economic performance, and expectations can change. But for investors and companies assessing Uzbekistan, it is a useful signal alongside macroeconomic indicators.
Positive sentiment was visible across sectors including manufacturing, construction, tourism and financial services—areas closely connected with Uzbekistan’s wider industrial, infrastructure and private-sector development.
What It Means for Foreign Businesses
For international companies, confidence among local businesses is worth monitoring. A more optimistic operating environment can support demand for suppliers, technology, professional services, logistics and new commercial partnerships.
For Georgian companies looking toward Uzbekistan, the survey provides additional context when evaluating market-entry opportunities and potential local partners.
It should not replace sector-specific research. Companies still need to assess demand, competition, regulation, banking, taxation and operating requirements before entering the market.
But the direction of sentiment is notable: Uzbekistan’s private sector is signalling confidence in what comes next.
A View From Inside the Market
Uzbekistan has attracted international attention through economic growth, investment reforms and private-sector development, but external indicators tell only part of the story. A business sentiment survey provides a view from companies already operating inside the market.
The combination of current and forward-looking responses is particularly useful. The 64% reporting better business conditions and 56% reporting higher orders describe recent experience, while the 82% expecting improvement captures expectations about what comes next.
For companies evaluating partnerships, suppliers or customers in Uzbekistan, these indicators can help frame market conversations. They do not replace due diligence, but they provide context about how local entrepreneurs themselves perceive the direction of business conditions.
CONFIDENCE IS RISING.
The sector mix is also worth noting. Manufacturing, construction, tourism and financial services connect to different parts of the economy, so positive responses across these areas provide a broader signal than confidence concentrated in only one industry. For market entrants, that makes the survey useful as a starting point for deeper sector research.
Source: Central Bank of the Republic of Uzbekistan — Business Sentiment Survey, Q2 2026.