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Uzbekistan reaches stable economic development in 2014

3 March 2015 15:10 (UTC+04:00)
Uzbekistan reaches stable economic development in 2014

By Sara Rajabova

The United Nations has praised Uzbekistan for developing its country’s economy.

“Uzbekistan in 2014 reached a stable, high pace development of its economy and leading sectors,” according to UN bulletin statement published on March 2.

The bulletin, on results of socio-economic development of Uzbekistan in 2014 and key priorities in its economic program for 2015, was issued as an official document of the 69th Session of the UN General Assembly.

The document said the country’s GDP in 2014 grew by 8.1 percent, the industrial production volumes rose by 8.3 percent, agricultural production by 6.9 percent, capital construction by 10.9 percent, and retail trade turnover by 14.3 percent.

The Uzbek government’s sources also showed an 8.1 percent increase in GDP in the first half of 2014, up slightly from 8.0 percent in the same period in 2013.

Around 70 percent of products accounted for are finished products with high added value.

The UN document showed that inflation in Kazakhstan stood at 6.1 percent, which is lower than the forecasted level, while the state budget was executed with a surplus of 0.2 percent of GDP.

“The reformation and strengthening of the banking system have created the prerequisites for reducing the refinancing rate of the Central Bank from 12 percent to 10 percent and a corresponding reduction of the interest rate on loans of commercial banks,” read the bulletin.

Moreover, the document said the volume of investments in economy increased by 10.9 percent and amounted to the equivalent of $14.6 billion.

It added that over 21.2 percent of the total volume of capital investments accounted for is foreign investments and loans with 75 percent of them being direct foreign investments. Over 73 percent of the total volume of investments was directed towards industrial construction.

Some 154 large facilities with modern high-tech equipment were commissioned in the leading sectors of the economy.

“The country continued to implement measures to support and stimulate domestic producers-exporters, increase the competitiveness of their products and develop new markets,” according to the bulletin.

The document further said systematic measures to improve the business environment and create favorable conditions for the development of small businesses and private entrepreneurship, including the implementation of the principle of “single window” when creating business, simplification of the mechanism of statistical and tax reporting by small businesses, the expansion of access to raw materials for private entrepreneurs had been implemented.

The tasks for preserving the high rates of economic growth, the expanding of the structural changes in the economy, the modernizing and diversifying of the leading areas of the industry are among the most important priorities and directions of the socio-economic development of the country for 2015, said the document.

It added that efforts toward an increase of the production localization and developing of road transport and engineering-communication infrastructure are also among these tasks.

“The measures were determined to reduce the state share in the economy up to strategically and economically reasonable amount, to radically change the principles and approaches in the corporate governance system and to provide with full freedom in the development of private property and private entrepreneurship,” according to bulletin.

The document also added that the measures were also determined to create favorable conditions toward employment opportunities, growth and an increase on the quality of life.


Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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