SEOUL, March 26 (AJP) - The Center for Economic Research and Reforms in Uzbekistan reported Wednesday that the national business climate reached 65 points in February 2026, an 11-point increase over the previous year. This shift signals a significant decoupling from historical stagnation, marking a fundamental transition in how the private sector navigates the regional economy.
The acceleration aligns with a broader macroeconomic surge shown by data from the Statistics Agency of Uzbekistan. The country's GDP growth reached 6.0 percent in 2025 according to World Bank estimates, supported by record gold export revenues and a 10.5 percent growth in fixed asset investments.
The February data marks a shift in private sector sentiment, as the composite index for expectations climbed 13 points to 81. This optimism is anchored by expansion in the real economy. 19 percent of enterprises reported increasing their workforce, up from 12 percent a year earlier. These developments suggest that Uzbekistan is moving into a high-velocity growth cycle, where domestic demand is becoming a primary engine.
Agriculture has emerged as the vanguard of this expansion, with its sectoral index jumping 29 points to 73. This growth is reinforced by structural shifts, including a zero VAT rate for most agricultural producers that took effect in January 2026. Approximately 52 percent of agricultural entrepreneurs now report rising demand, up from 35 percent in early 2025. This reflects the success of new export corridors and an increase in domestic processing capacity.
In the services and construction sectors, indices rose to 61 and 69 points, respectively. Construction activity has remained resilient, with the sector expanding by 14.2 percent throughout 2025. This is mirrored in the labor market, where 27 percent of construction firms expanded their payrolls. The industrial sector, while growing more moderately at 67 points, continues to benefit from a stabilization in energy supply. National utility reforms aim to commission 6.7 GW of new power capacity by the end of 2026, a move that has already led to a decline in the number of firms citing electricity shortages as a barrier to growth.
Geopolitical and fiscal stability have supported these figures. Inflation in Uzbekistan was recorded at 8.8 percent over 2025, which provided a more predictable environment for the 61 percent of surveyed entrepreneurs who reported an absence of operational constraints. This is an improvement from the 57 percent recorded just one month prior.
The survey highlights emerging friction points as the economy matures. While concerns regarding credit and logistics have receded, entrepreneurs are increasingly citing the cost of land resources and a 7 percent indexation of land and property taxes as rising challenges. Furthermore, tax reforms introduced in early 2026, including a move toward turnover-based taxation for smaller entities, represent a shift in the fiscal landscape.
Copyright ⓒ Aju Press All rights reserved.