2021 turned out to be successful for the economy of Uzbekistan and turned out to be decisive in achieving one of the main goals of the ongoing reforms – strengthening macroeconomic stability and maintaining high economic growth rates.
The economic growth rate last year was 7.4%, higher than previously forecasted 5-6% and very impressive against the backdrop of low economic growth of 1.6% in 2020, driven by the coronavirus pandemic.
To assess the economic situation in the country, specialists from the Center for Economic Research and Reforms (CERR) assessed the state of business activity at the regional and district levels for 2021.
The analysis of business activity by regions of the Republic of Uzbekistan is calculated by the CERR on the basis of operational data (monitoring for all regions of the republic, according to the data of the State Customs Committee, State Tax Committee, Central Bank and UZEX).
The monitoring results showed that the volume of tax revenues of the republic over the past year increased by 23.5 % compared to 2020. At the same time, a significant increase in tax revenues was noted in Khorezm (by 37.5 % ) , Navoi (by 34.6 % ) , Kashkadarya ( by 31.7 % ) , Tashkent ( by 30.5 % ) , Samarkand (by 3 0 , 5 % ) regions and in Tashkent (by 3 1, 6 % ).
The growth of tax revenues was achieved by creating a level playing field for business activities, and by reducing the regulatory and administrative burden, automating procedures and simplifying the procedure for complying with tax laws
Revenues from customs payments for the analyzed period increased by 34.4 %. The largest increase in revenues was noted in Jizzakh ( by 3.6 times), Syrdarya (by 2.1 times), Khorezm ( by 1.9 times), Samarkand (by 57.9 %), Kashkadarya (by 55% ), Ferghana (by 54.5%), and in Namangan regions (by 48.7% ).
The increase in the volume of receipts of customs payments indicates the growth of foreign trade turnover growth. In the structure of imports, machinery and equipment, industrial goods have a significant share. This trend indicates the creation and modernization of production capacities, which in the long run will contribute to economic growth.
According to the State Customs Committee, since the beginning of the year, the volume of exports of goods has increased by 36.6 % compared to the same period last year. An increase in the volume of exports of goods was noted in Samarkand (by 58.9% ), Jizzakh (by 51.1% ), Andijan (by 50.6 % ) regions and in Tashkent (by 51.4% ).
The increase in the volume of exports of Uzbekistan is explained by the growing growth rates of exports of industrial goods, foodstuffs, chemicals and agri-food products
The volume of loans issued by commercial banks for 2021 increased by 27.7%. The largest increase in the volume of loans issued is observed in Tashkent (by 45.3% ), Namangan (by 28.7% ) regions and in the city of Tashkent (by 40.4% ).
The increase in the volume of loans issued by commercial banks indicates a gradual improvement in the investment climate and the activities of business structures. These changes also include an increase in the number of entrepreneurs.
During this period, 96,505 new business entities were created, the largest number of which was registered in Samarkand ( 10,475 ), Kashkadarya ( 8,958 ), Fergana ( 8,799 ), Tashkent ( 7,704 ) regions and in Tashkent ( 16,140 ).
The volume of transactions on the Uzbek Republican Commodity and Raw Materials Exchange for the analyzed period increased by 62.2%. A significant increase in exchange activity is observed in Bukhara (by 94.0% ), Tashkent (by 70.7% ), Khorezm (by 66.2% ), Syrdarya (by 64.4% ), Namangan (by 62.3% ) , Kashkadarya ( 60.5% ) regions and in the city of Tashkent ( 2.3 times ).
Growth in the volume of transactions in these regions was ensured by an increase in the sale of such goods as sugar, feed grain, rolled ferrous metals, gasoline, industrial seeds, polyethylene, diesel fuel, etc.
A consistent economic recovery in 2021 is also evidenced by the results of a survey of enterprises to assess the state of the business climate in Uzbekistan, which is conducted monthly by the CERR. The study reflects the mood of business circles across the country.
Center for Economic Research and Reform
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