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NEWS AND EVENTS
January 21, 2011
Uzbekistan’s GDP grows by 8.5% in 2010
Gross domestic product (GDP) of Uzbekistan grew by 8.5%, while industrial production in the country increased by 8.3% in 2010, the Government of Uzbekistan said on 21 January 2011 at the session dedicated to social-economic development of the country in 2010 and important priorities of economic programme of 2011. In 2010, the growth of agriculture production made up 6.8%, construction works – 8.1%, retail trade turnover – 14.7% and paid services – 13.4%. The State Budget of Uzbekistan was executed with 0.3% surplus to GDP at decreasing tax burden to economy. The inflation rate did not exceed set forecasted volumes. Support of exporters and diversification of export structure, active entering to new markets helped to increase exports volume by 10.8% and significant growth of current account balance, as well as growth of gold-currency reserves. The government said that adopted measures on increasing capitalization of banks allowed to increase capital adequacy of the banking system of Uzbekistan, which exceeds three times of generally adopted international standards. Loan investments of the bank to real sector of economy grew by 35%, while share of long-term investment loans in total loan portfolio exceeded 75%. The volume of loans, issued to small businesses, grew by 1.4 times. Active investment policy on implementation of projects on modernization, technical and technological re-equipment of leading industries of economy, development of habitations, transport and infrastructure communications helped to increase used investments by 13.6%. The government said some 1,098 new production capacities were commissioned and 296 investment projects were implemented. Qishloq Qurilish Bank commissioned 6,800 houses in rural areas. Measures on stimulating development of small businesses and private entrepreneurship allowed to increase its share in GDP from 50.1% in 2009 to 52.5% in 2010. The government noted that some 953,700 new jobs were created in Uzbekistan, of which 576,500 in rural areas. About 65% of all created jobs fell to share of small businesses and farms. The real income of population grew by 23.5% year-on-year in 2010. Within the State programme “The Year of Harmonically Developed Generation”, Uzbekistan used financial resources for 8 trillion soums and US$165 million to implement measures on creation of necessary conditions for upbringing healthy and harmonically developed generation.

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