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Uzbekistan OKs 2018-state budget with surplus of 0.02% of GDP

20 December 2017 17:30 (UTC+04:00)
Uzbekistan OKs 2018-state budget with surplus of 0.02% of GDP

By Trend

The Senate of the Oliy Majlis (Parliament) of Uzbekistan has today approved the state budget for 2018 with a surplus of 0.02% of GDP or 59 billion soums. The draft bill was presented by Deputy Prime Minister, Minister of Finance Zhamshid Kuchkarov.

He said that Uzbekistan's GDP in 2018 is projected at 290.6 trillion soums, the GDP deflator - 14.1 percent, the consumer price index -12-13 percent.

The revenue part of the budget is project in the amount of 21.4 percent of GDP or 62.229 trillion sums, while the expenditures are projected at the level of 21.4% to GDP or 62.17 trillion sums.

The budget expenditures will preserve its social orientation. In 2018, expenditures on the social sphere will amount to 34.7 trillion sums.

To implement the state programs, it is proposed to allocate more than 8.5 trillion soums.

Roughly 469.2 billion soums are planned to be directed for transportation and communication projects, 568.6 billion sums for the implementation of programs for the development of social infrastructure facilities in the regions.

Zhamshid Kuchkarov noted that when forming the budget parameters, the expected positive dynamics of economic growth in 2018 in the main trading partners of Uzbekistan, in particular, in Russia (1.6%), Kazakhstan (2.8%), China (6, 5%) and the EU countries (1.8%), as well as liberalization of the foreign exchange market, foreign trade policy and investment climate in the republic was taken into account.

The parameters of the state budget were approved taking into account the planned GDP growth in 2018 by 5.9 percent compared to 2017, industrial production by 6.4 percent, agricultural production by 4 percent, and capital investment by 6.5 percent.

The state budget of Uzbekistan for 2017 was approved with a deficit of 1 percent of GDP or 2.4 trillion sums. The execution of the budget for 2018 is expected with a surplus of 0.1 percent of GDP. GDP growth is expected at the level of 5.5 percent.

The rate for December 20, 2017 is 8101, 62 UZS / USD.

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