Economy

On 14 January an extended session of the Cabinet of Ministers, dedicated to comprehensive analysis of the results of social-economic development of the country in 2016 and determining the most important directions and priorities of economic and social program of the government in 2017 was held in Tashkent. During the discussion of the issues, included into the agenda of the meeting of the Cabinet of Ministers, it was highlighted that the gross domestic product of the country increased by 7,8% in 2016. The volume of industrial production grew by 6.6%, contractual construction works –12.5%, retail trade – 14.4% and services – 12.5%. The State Budget was executed with a surplus at 0,1% to GDP. The surplus in foreign trade turnover has been secured. The inflation rate has not exceeded forecast parameters and constituted 5,7%.

Over 16,6 billion US dollars or 9,6% more than in 2015 were invested into the economy. The volume of foreign investments and loans increased by 11,3% and exceeded 3,7 billion US dollars.
The realization of 164 large investment projects with a total cost of 5,2 billion US dollars were completed, including production of new T-250 car model at GM Uzbekistan JSC, enhancement of the cement plant in Djizak region, construction of two steam-gas installations with a total capacity of 900 MWt at the Talimarjan power plant and energy block of burning high-ash coal with a capacity of 150MWt at the Angren power plant.
The program measures on modernization and diversification of agriculture under implementation ensured the growth of agricultural output by 6,6%, including of fruits and vegetables – 11,2%, potatoes- 9,7%, melons- 10,5%.
The measures on comprehensive support and protection of private property and entrepreneurship contributed to creation of around 32 thousand new small businesses in 2016, or 18% more than in 2015. The small businesses’ share in GDP of the country increased to 56,9%, and in industry to 45%.

Thanks to positive structural transformations and high rates of economic growth the real income of population increased by 11%. The salaries of workers of the budget organizations was raised by 15%, pensions and social benefits – 12,1%. Around 726 thousand people have been newly employed, including 438,5 thousand graduates of educational institutions.