Sunday, 25, February, 2024

Economy

During his address at the session of the 2nd Tashkent Investmnet Forum, Shavkat Mirziyoyev stressed that important steps had been taken to liberalize Uzbekistan's international trade. In particular, customs duties have been abolished on over 7,000 items of raw materials and goods needed by investors.

Uzbekistan's GDP grew by 5.5% in Q1 of 2023, the Statistics Agency said. This is significantly higher than projected figure, which was voiced at a government meeting chaired by the president at the end of January.

President Shavkat Mirziyoyev signed decree on Thursday exempting a number of building materials imported into Uzbekistan from customs duties until January 1, 2025, the Ministry of Justice said.

In Uzbekistan and other CIS countries, banks are requesting additional documents for Russian clients for fear of secondary sanctions, the Russian publication Kommersant said.

President Shavkat Mirziyoyev approved amendments to the Consumer Loan Law, which now allow provision of consumer loans for imported goods with immediate effect. The Legislative Chamber passed the amendments on January 17, and the Senate on March 2.

Today, President Shavkat Mirziyoyev chaired a government meeting on investment, exports and international cooperation. At the meeting, officials reported on the work progress in this area. Shavkat Mirziyoyev undescored that since the beginning of the year $764 million of foreign investment had been disbursed, 1.3 thousand large and medium-sized projects have been launched, with exports topping $ 3 billion.

In 2022, the volume of disbursed investments in fixed capital in Uzbekistan topped 270 trillion soums, or US$ 24 billion.

Working group headed by the Minister of Investments, Industry and Trade Laziz Qudratov negotiations with the leadership of the UAE’s Ministry of Economy and Energy and Infrastructure in Abu Dhabi.

Uzbekistan economy grew by 5.7%, and GDP per capita reached $2,255 (+3.5%) in 2022. In 2022, the Uzbek GDP topped 888.34 trillion soums, US$ 80.38 billion at the exchange rate at that time, the Statistical Agency said in a report.

The volume of money remittances to Uzbekistan increased by 2.1 times in 2022 - to a record $16.9 billion, the governor of Central Bank Mamarizo Nurmuratov said at a press conference on Thursday.

In 2023, the Uzbek economy is projected to grow at an estimated 4.5-5%. According to the baseline scenario, the expected 2023 inflation rate will be 8.5-9.5%. This is stated in a press release of the Central Bank following the BOD meeting.

Uzbek Ambassador to Ukraine Alisher Kurmanov met with Deputy Chairman of the Ukrainian Authority for Food Safety and Consumer Protection Olga Shevchenko.

Uzbekistan’s international trade in 2022 reached $50.01 billion, a $7.84 billion increase, or 18.6%, compared to the previous year, the Statistics Agency said in a report.

The government of Uzbekistan plans to increase the gas production by at least 9% to 56.3 billion cubic meters (BCM) in 2023. While, the gas production has declined in recent years.

In 2022, Uzbekistan industrial enterprises paid a toal of 39 trillion soums, US$ 3.5 billion in taxes, the Tax Committee said in a report.

In Uzbekistan in 2022, overall prices for food items increased - 15.6% and non-food items - 10.7%. Prices of services grew moderately, at 8.4%. Investments in fixed capital during the year decreased by 0.5%.

Uzbekistan exported $1.07 billion worth of gas to China in 2022, the Chinese customs authorities said in a report. Exports in value terms increased by 33.9% compared to 2021 ($799 million).

In 11 months of 2022, Uzbekistan exported 2.9 billion USD worth of textiles, an increase by $250.5 million to 2021. The top ten countries to which Uzbekistan exported textile products in 11 months of 2022:

Recent developments: As a result of the Russian Federation's invasion of Ukraine, growth in Europe and Central Asia (ECA) is estimated to have slowed sharply in 2022, to 0.2 percent. This reflects contraction in Russia and a deep recession in Ukraine. Excluding these two countries, growth in ECA nearly halved in 2022, to an estimated 4.2 percent, with broad-based deceleration across the region.

Uzbekistan’s gold and currency reserves stood at US$ 35.8 billion as of January 1, 2023, recording an increase by US$ 628 million compared to the same period last year, the Central Bank said in a report.