Uzbekistan's GDP grows 8% for the nine months of 2009

In the first nine months of 2009 the GDP of Uzbekistan performed 8% growth and the state budget was implemented with a surplus of 0.2% to the GDP.

It was announced at the session of the Cabinet of Ministers of the Republic of Uzbekistan on 16 October. The meeting analyzed social and economic development of the country for the last 9 months and discussed additional measures for implementing the most important priorities of further deepening economic reforms program assigned by the President of the Republic of Uzbekistan at the session of the Uzbek Government on 13 February in 2009.

The session concluded that for the stated period of time the industrial production increased by 9.1%, agricultural production grew by 3.3%, services sector expanded by 15.8% and construction works increased by 33.5%. The inflation levels did not exceed the forecasted parameters.

The active investment policy and intensification of the most important projects have led to increase of the capital investments by 28.3%, including 2.1 times growth of foreign direct investments.

For the past 9 months 371 industrial objects including 139 in food industry, 122 in construction materials sector, 71 in light and textile industry and 13 in machinery sector were commissioned.

The measures of stimulation of the local producers enable to expand range of exported products and extend the geography of export market, provide foreign trade turnover surplus in size of $2.6 billion.

In the framework of the industrial localization program, production of more than 100 new types of production was launched, and the volumes of production of localized goods increased twice, with sales of localized production reaching $2.6 billion.

743,500 new workplaces were created (136.3% more than in the same period of last year), of that number, 311,100 workplaces were created in the small business sector, 77,900 in the home-based work sector, 213,300 within the measures of anti-crisis program.

Measures in intensification of production and social infrastructure development ensured the completion of the construction of 5 bridges and 256,5 km long highways, 4 lane traffic highway of 16,4 km length. Construction and modernization of 21 professional colleges and academic lyceums were finished.

The measures of stimulation of the local producers like additional tax and customs preferences and expansion of the preferential crediting have resulted in growth of the consumer goods production by 13.7%.

In the course of the session were underlined, that the realization measures in further capitalization increase and recourse base consolidation of banks enabled the increase of aggregate capital of banks by 41,2%, population deposits by 68,8%. Activization of commercial banks in investment processes provided growth of credit investments in real sector of economics by 34,3%.

The process of the most important priorities in economic reforms and anti-crisis program also were thoroughly considered and analyzed. It was noted that the realization of deeply considered and successive socio-economic development program, recognized in the world community as “the uzbek model” of economy reforming, and also implementing the effective anti-crisis measures helped in successful neutralization of the negative influence of the world economic crisis on the economy and ensured its balanced and dynamic growth.

The participants of the session paid special attention to the problems of foreign-trade activity and diversification of the export structure, at the expense of promoting the local producers to the traditional and new external markets.

It was underlined that the measures assumed in the framework of the Anti-crisis programme in govermental, financial and credit support to the local export companies provided foreign trade surplus.

In consideration of importance of creating working places, especially when there is a financial and economic crisis in the world, the Cabinet approved the draft Program of creation of workplaces and employment of the population for 2010, which should be approved by the Oliy Majlis (Parliament). The document envisages creating 950 thousand new workplaces next year.

It was stressed that the undertaken measures directed to form modern, diversified and competitive economy by keeping on structural reform, modernization, technical and technological renewal of the economic sector, accelerate development industrial and social infrastructure, especially in the rural areas, and also the support of the local producers, subjects of small-scale business and private enterprise are enabling to keep stable high rate of economic growth.
 

“Jahon” Information Agency