Tuesday, 10, December, 2024

Economy

From April 1, 2025, the excise tax in Uzbekistan may be extended to all non-alcoholic beverages containing sugar. This is envisaged in the draft Uzbekistan Budget for 2025-2027.

The Ministry of Economy and Finance posted for public input a draft Uzbekistan’s 2025 Budget and targets for 2026-2027. Next year, GDP is projected to grow by 6% (lower than last year's forecast) — up to 1.63 quadrillion soums, and in 2026-2027 — 6.1% and 6.3%, respectively. The growth rate of industry is expected to be at 6.1%, services — 14.5%, agriculture — 4.1%. These figures are expected to be achieved through "high-quality continuation of structural reforms in each area."

76 accords worth more than US$ 352 million were signed as part of the fourth Uzbekistan-Kazakhstan Interprovincial Cooperation Forum and the business forum in Samarkand, the press service of the Kazakh Prime Minister said.

In January-September, Uzbekistan's international trade was at $48.2 billion, which is by $3.45 billion, or 7.7%, more than in the same period of 2023, the Agency of Statistics said in a report.

In January-September, Uzbekistan imported gas for a record worth of $1.28 billion, the Statistics Agency said in its international trade report.

It is planned to bring Uzbekistan’s gross domestic product to $200 billion by 2030 and the GDP per capita at $5,000, which is above the initial forecasts, the First Deputy Economy Minister Ilkhom Norkulov announced after a meeting with the president on Thursday.

On October 15, at the government meeting in Almalyk, President of Uzbekistan Shavkat Mirziyoyev discussed the current development of the Tashkent province and future goals.

On October 14, an auction was held on E-auksion to sell the office building of the UzSanoatQurilishMateriallari Association in Tashkent.

Today, the president Shavkat Mirziyoyev inspected the development of the Yoshlik-1 deposit in Almalyk and the third copper processing plant being built on its base, the presidential press service said.

The Tax Committee has published the list of the top 10 state-owned enterprises and private companies that paid the most taxes in January-September 2024.

Uzbekistan’s official reserve assets as of October 1 reached US$ 41.14 billion (+5%), having increased by 1.98 billion in September, according to the Central Bank. This is another historic high for the entire period of statistics since 2013.

“Economic performance remains strong. Real GDP grew by 6.4 percent year-over-year (y/y) in the first half of 2024. Reflecting needed increases in administered energy prices in early May, headline CPI inflation rose from 8 percent y/y at end-April to about 10.5 percent in recent months.

Office of the company for the China-Kyrgyzstan-Uzbekistan railway project has opened in Bishkek, the press service of the Kyrgyz Cabinet of Ministers said.

For the first half of 2024, the net profit of the Navoi Mining and Metallurgical Plant reached $882 million, the company said in its unaudited IFRS report.

On September 13, the Cabinet of Ministers issued a resolution on measures to provide financial support to producers of raw cotton.

The BOD of the Central Bank decided to keep the interest rate unchanged at 13.5% at its meeting today with an aim to cut inflation to the projected levels by the end of the year and achieve the 5% target in the medium term, the press service of the Central Bank reported.

The presidential signed the Creating of National Investment Fund of the Republic of Uzbekistan Decree. The following have been defined as the main goals of the Fund:

In the first seven months of 2024, Uzbekistan's international trade topped $36.8 billion, which is by $1.86 billion, or 5.3%, more than in the same period of 2023, the Statistics Agency said in a report.

The Statistics Agency, together with the World Bank mission, re-estimated the size of the Uzbekistan’s gross domestic product with the shadow economy.

In the first half of 2024, the total income of Uzbeks reached 399.2 trillion soums, the Agency of Statistics said in a report. In nominal terms, the growth was at 18.4%, and the real growth rate (minus inflation) was 8.6%. In January-June last year, these figures were 18.3% and 6.5%, respectively.