Living in Uzbekistan

Economy

The outcomes of socio-economic development in the Republic of Uzbekistan in 2014

The gross domestic product of the country in 2014 grew by 8.1 percent, production of industrial goods increased by 8.3%, while that of agricultural products swelled by 6.9 percent. Volumes of capital construction grew by 10.9% and that of retail turnover enlarged by 14.3 percent. Ready goods with higher added value accounted for around 70 percent of manufacturing.

The inflation rate was at 6.1 percent, considerably low in comparison with forecast parameters. The national budget was fulfilled with surplus at 0.2 percent of the GDP, with tax burden lowering from 20.5 to 20.0 percent of the GDP and the income tax rate reduced from 9 to 8 percent.

The transformation and consolidation of the banking system created essential prerequisites for the reduction of Central Bank refinancing rate in 2014 from 12 to 10 percent and the corresponding decrease in the interest rate in the loans of commercial banks. Within the last years, leading international rating agencies have been evaluating the activities of Uzbekistan's banking system as "stable".

As a result of the implementation of the well-thought-out active investment policy for the wide-ranging modernization, technical and technological upgrading of production capacities, social, transportation and communications infrastructure, the volume of investments into the economy increased by 10.9 percent and reached 14.6 billion U.S. dollars in the equivalent. In this respect, more than 21.2 percent of all capital investments accounted for foreign investments and loans, three fourths of which were direct foreign investments. In excess of 73% of all investments were assigned for production construction. Outfitted with cutting-edge high-tech equipment, 154 major facilities totaling 4.2 billion dollars were commissioned in leading sectors of the economy.

Realization of measures was continued to support and stimulate the domestic exporter manufacturers, to boost the competitiveness of their goods and explore new markets. As a result, the external trade balance closed with surplus at 180 million U.S. dollars, while the gold-currency reserves increased by 1.6 billion dollars.

Systemic measures have been put into action to improve the business environment and create even more favorable conditions for the development of small business and private entrepreneurship, including the introduction of the principle of "one window" in setting up business, maximum simplification of the mechanism of providing statistical and tax reports by small business entities, considerable expansion of access to raw resources for private entrepreneurs. As a result, the share of small business in the GDP grew from 31% in the year 2000 to 56 percent, and from 12.9% to 31.1 percent in industrial production.

The share of services in the GDP enlarged from 53 to 54 percent. Among the high-tech services, the most intensively advancing have been communications and information services, which grew 3.3 times within the last five years, and by 24.5 percent in the previous year.

Dynamic and well-balanced advancement of economy has instituted a robust ground for a steadfast elevation of the living standards of population. The wage of public sector employees, retired pensions and student stipends grew by 23.2 percent last year. Real per capita incomes increased by 10.2%. Some 1 million jobs were created in 2014, 60 percent of which accounted for rural areas, while more than 600 thousand graduates of education institutions were employed.

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Performance of the State budget
of the Republic of Uzbekistan for 2014

Indicators

bln. UZS

I.  Revenues (excluding trust funds) - TOTAL

31 729,6

1.  Direct taxes

7 433,1

1.1

Tax on profits of legal income

1 120,2

1.2

Assessments to the State budget out of single tax payment for trade and public catering

954,4

1.3

Contributions to the State budget out of single tax payment, including micro-firms and small-enterprises

967,9

1.4

Tax on profits of personal income

3 261,7

1.5

Flat tax on certain types of business activities

553,1

1.6

Tax on improvement and development of social infrastructure

575,7

2.  Indirect taxes

16 851,8

2.1

Value added tax

9 475,6

2.2

Excise tax

4 941,1

2.3

Customs duty

1 350,0

2.4

Tax on the consumption of petrol, diesel and gas for transportation

1 085,1

3. Resource payments and property tax

4 311,6

3.1

Property tax

1 273,8

3.2

Land tax

647,5

3.3

Subsurface use tax

2 275,6

3.4

Tax on the use of water resources

114,7

4. Other income

3 133,1

II. Expenses (excluding trust funds) - TOTAL

31 425,0

1.  Expenses on social sphere and social support total

18 490,8

 

of them:

1.1

Education

10 673,5

1.2

Public health

4 507,2

1.3

Culture and sport

361,5

1.4

Science

187,0

1.5

Social security

126,2

1.6

Social benefits to families, including those with children

1 805,0

1.7

Credit line for co-financing Programs of individual housing construction in rural areas

706,7

2.  Funds and grants for the development of NGOs, NGOs and civil society institutions

8,2

3. Expenses on economy

3 364,9

4.  Expenses on financing centralized investments

1 616,5

5.  Maintenance of public authorities, and court administration and self-government bodies

1 414,2

6.  Other expenses

6 530,5

Deficit (-), surplus (+) State budget

304,6

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MFERITMEDEF InternationalInternational Business CenterGov.uzPress ServiceOliy MajlisUzASARIO