NEWS AND EVENTS
April 30, 2013
The government assesses efficiency of the national economy
The gross domestic product of Uzbekistan grew by 7.5% in the first quarter of 2013.
The Cabinet of Ministers has convened for a session to review the results of socioeconomic development in the country for the first quarter of this year and for evaluating the implementation of major priorities of economic program for 2013.
At the meeting, the ministers noted that systematic and consistent implementation of the program of modernization of the economy, despite the ongoing crisis in the global economy, ensured the macroeconomic stability and sustainable growth of the Uzbek economy. In the first quarter of this year, gross domestic product grew by 7.5%, the volume of industrial production rose by 6%, agriculture by 6.2%, and construction by 13.2%. State budget was executed with a 0.4% surplus of GDP. The inflation rate did not exceed the forecasts.
As a result of measures taken to stimulate domestic demand and a more complete saturation of the domestic market with domestically manufactured competitive products the consumer goods output rose by 9.4%, retail trade grew by 13.1% and services by 9%. The share of services in GDP rose to 52.5% from 52.1% a year earlier. Production of localized goods grew by 40.4%, with the estimated effect of import substitution totaling $1 billion.
The investment policy, aimed primarily at advanced development and scale modernization of the economy, contributed to the growth of the volume of investments by 7.2%, including foreign investment by 35.5%, of which about 84% were foreign direct investment. 587 manufacturing facilities were put into operation and 114 new investment projects worth about $4.3 billion launched. Uzbekistan initiated a national program ‘Year of Wellbeing and Prosperity’ which in the first quarter of this year had drawn 1.3 trillion soums from all sources of funds.
In addition, the government paid attention to the progress of development of road transport and communications infrastructure, modern housing in the rural areas. It was noted that in the first quarter of this year, the works on construction and reconstruction of roads, part of the Uzbek National Highway, had drawn a total of 62 billion soums. Road builders have reconstructed the 42-kilometer stretch of the Tashkent-Osh highway bypassing the city of Quqon, rehabilitated 45 kilometers of railways.
Particular attention is paid to the implementation of target parameters of job creation and employment programs for 2013, as well as employment of graduates of professional colleges. It was noted that the targeted measures taken in the first quarter of this year resulted in 250.4 thousand new jobs created in the country, including over 150,000 jobs, or about 60 percent in the countryside.
Following the discussion of the issues on the agenda the government made relevant decisions, which defined measures to ensure the implementation of the major priorities of socioeconomic development of Uzbekistan in 2013. (Source: Uzbekistan today newspaper).