In January 2023, the CERR survey showed that entrepreneurs are optimistic about the business climate in the country. At the same time, agriculture stands out with the highest optimism among other industries.
The leading international economic statistical online portal Trading Economics, which evaluates over 20 million economic indicators in 196 countries of the world, has published for the first time the Business Climate Index of Uzbekistan calculated by the Center for Economic Research and Reforms (CERR).
Starting from 2023, information on indicators of the business climate in Uzbekistan will be published periodically on the information portal Trading Economics.
According to the results of the January survey, the consolidated business climate indicator has shown a slight decrease since the beginning of the year. In particular, in January, the decline was significantly influenced by the dynamics of indicators in the agriculture and services sector.
Analysts estimate the state of the business climate in the country in January as positive. So, despite the decrease in the consolidated indicator by 3 points, it amounted to 54 points.
For reference: CERR conducts a monthly survey among 1 thousand entrepreneurs from various sectors of the economy. The consolidated business climate index is formed based on indicators of the current state and expectations. Those, in turn, demonstrate anxiety about obstacles in doing business. The sampling methodology of the study is an industry-stratified random sample, according to the “Enterprise Survey” methodology of the World Bank. In turn, the business climate index of Uzbekistan was developed with the assistance of the Institute of Economic Research “Ifo Institut” and the consulting company “Berlin Economics” based on the methodology of the German Business Climate Index (Geschäftsklimaindex).
41% of respondents rated the current state of their business as “good”, and the share of those who noted it as “bad” was 14%.
20% of enterprises increased the number of employees, and 41% of entrepreneurs noted an increase in demand for goods/services.
In January of this year, the indicator of the current state of the business climate decreased by 13 points. It amounted to 34 points, which is explained by the deterioration in agriculture, industry and services. Nevertheless, there was a jump in the construction sector.
The indicator of expectations of business development prospects in the next 3 months remains at a reasonably high level – 76 points- supported by optimism in all industries.
In January this year, 50% of entrepreneurs noted that they faced various barriers. Thus, as the most pressing problems, respondents note difficulties in accessing finance and land plots, interruptions in the electricity and gas supply system, as well as in tax administration and high tax rates.
Problems with gas and electricity supply have become more frequent in the industrial sector. At the same time, the share of entrepreneurs reporting problems with access to land has decreased.
At the same time, agriculture stands out with the highest optimism among other industries – 84% of respondents expect improvement in the next 3 months.
In the construction sector, entrepreneurs have become less likely to report problems with high tax rates. At the same time, the sector’s need for financing remains the highest among other industries.
In the service sector, problems with tax administration, electricity and gas supply have become more frequent due to the deterioration of weather conditions.
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