In 2009, Uzbekistan’s gross domestic product grew by 8.1 percent, while the volume of industrial production rose by 9 percent. The size of agricultural production has expanded by 5.7 percent. Equally remarkable are growth rates in retail trade turnover (16.6 percent) and services (12.9 percent). Government budget was executed with a surplus, without cuts in spending, whereas inflation levels did not exceed the forecasts and constituted 7.4%.

The government enforced a complex of measures to secure the financial stability of enterprises in the production sector principally through modernization of manufacturing, reduction of net cost, enlargement of cooperative ties among local companies, stimulation of internal demand. The volume of localized production increased 2.3 times and more than 120 new types of products were introduced. Anti-crisis policy pursued in 2009 led to create more than 940,000 new jobs, including over 500,000 in rural areas.

Economy’s overview Uzbekistan has managed to not only weather the tough challenges of the global economic downturn, but secure a steady economic growth owing to the aptly articulated strategy of development and modernization. Efforts in implementing the Anti-Crisis Program 2009-2012 have proved critical in overcoming the troubles. Measures to consolidate the banking and financial sector have allowed to amplify the cumulative capital of the banks twofold in the past two years. Accordingly, proportion of bank credits used for investment has reached 70 percent.

The macroeconomic stability and sound economic growth rates observed in 2009 in Uzbekistan plainly point to the correctness of the economic path chosen by the nation. The route is renowned as the Uzbek model of economic reforms.

In 2009, the gross domestic product grew by 8.1 percent, while the volume of industrial production rose by 9 percent. The size of agricultural production has expanded by 5.7 percent. Equally remarkable are growth rates in retail trade turnover (16.6 percent) and services (12.9 percent).