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Economía

Results of socio-economic development of the Republic of Uzbekistan for the first half-year 2016

Consistent implementation of the most important priorities of economic program for the year 2016, set by the President of the Republic of Uzbekistan Islam Karimov at the session of the government of the Republic on 15 January of the current year, has allowed to preserve sustainable high rates of economic growth of the Republic in the first half the current year.

I. Deepening structural reforms in the economy and modernizing the country, ensuring macroeconomic balance

Consistent implementation of the most important priorities of economic program for the year 2016, set by the President of the Republic of Uzbekistan Islam Karimov at the session of the government of the Republic on 15 January of the current year, has allowed to preserve sustainable high rates of economic growth of the Republic in the first half the current year.

Compared to the first half of 2015, gross domestic product increased by 7.8%, industry – by 6.7%, agriculture – by 6.8%, retail trade turnover – 14.1%.

Implementation of active investment policy aimed at modernization, technical and technological renewal of production, development of transport and communication infrastructure contributed to the growth of volumes of utilized capital investments by 11.8%, and the contract construction works – by 17.5%.

The establishment of 6.5 thousand objects since the beginning of the year, in the framework of the Programme for development of services for 2016-2020, contributed to the growth of services by 12.9% and their share in GDP from 57.1% in the first half of 2015 to 57.6%.

High rates of economic growth have been achieved while maintaining macroeconomic balance, which in turn contributed to a positive balance of foreign trade turnover, state budget surplus in the amount of 0.1% to GDP and low inflation at 2.5 percent.

The main indicators of socio-economic development of the Republic of Uzbekistan for the I half of 2016

(in % against similar period of 2015)

Indicator

Growth rate

Gross domestic product

107,8

Industry

106,7

Retail turnover

114,1

Construction works

117,5

Volume of utilized investments

111,8

Agriculture, forestry and fisheries

106,8

Total services

112,9

The share of manufacturing industries in the structure of industries increased from 77.5% in the same period of 2015 to 78.6%, which provided some 80% growth for the whole industry in the I half of this year.

Qualitative changes in the structure of the industry indicate the effectiveness of the implementation of the Programme of measures on structural reforms, modernization and diversification of production for 2015-2019. In particular, the high growth rate of industrial production was recorded in sectors producing goods based on deep processing of raw materials, including chemical products, rubber and plastic products –129.9%, textiles, apparel and leather products – 116.6%, food – 113.9%, pharmaceutical products and medicines – 124%, building materials – 113.9%.

This resulted in a significant growth of products with high added value, including polyethylene, polypropylene, production of household chemicals, seed drills, centrifugal pumps, finished textile products, medicines and other finished products.

The production of 36 new types and 45 new models of finished sewing and knitting products, 69 new kinds of confectionery products, fruit and vegetable canning products, meat and dairy products, 60 kinds of new drugs have been mastered since the beginning of the year. A 1.3 time growth of loan funds allocated by commercial banks for the purchase of technological equipment and replenishment of working capital of enterprises – manufacturers of consumer products, contributed to the expansion of the range of finished consumer goods.

More than 35 new types of industrial products have been mastered by the enterprises included in the Localization programme, including petrochemical equipment, electric furnaces, electric water heaters, exercise equipment, children's bikes and scooters, speedometers for vehicles and other types of finished products. Overall, localized products worth over 2.3 trillion soums have been produced since the beginning of the year under the Program of localization of production of finished goods, components and materials for 2015-2019. The growth compared to the same period of 2015 made up 1.5 times, the estimated effect of import substitution made up $795 million.

The implementation of active investment policy contributed to the deepening of structural reforms, modernization and diversification of the industry. 43 production facilities with a total value of $ 1.9 billion were commissioned in the first half of the current year in the framework of the Investment program. Among major projects, it is necessary to mention the “Expansion of cement plant in Jizzakh region", "Organization of serial production of passenger cars of model "T-250" at JSC "GM Uzbekistan", "Organization of spinning production at the FE "Indorama Kokand textile" (IV stage)", "Organization of spinning production at "Fanteks” in Bulakbashi district of the Andijan region”, “Construction of Meylisay mine", "Construction of water pipeline and technical water desalination plant at ГМЗ-3", organization of production of polyethylene films and pipes at the JSC "Jizzakh plastmassa", insulation products of glass fibers and a wide range of wiring and electrical products on the territory of Jizzakh FIZ and others. Simultaneously, the implementation of 72 new major investment projects worth over $3.4 billion was launched.

8.9 thousand projects worth over 2.4 trillion soums have been implemented in the framework of territorial programs of socio-economic development of the regions, including 2.6 thousand projects in the sphere of the industry with the introduction of over 2 thousand of new capacities, expansion of capacities of 390 enterprises and modernization of 133 production facilities.

Comprehensive measures to ensure the stability of the financial and banking system contributed to conducting active investment policy. Due to them, the aggregate capital of the banks in the first half of this year increased by 23.3%, their assets by 25.1%, deposits in banks – 27.7%. As a result, the volume of lending to the economy at the expense of the commercial banks increased by 26.2%. At the same time, some 80% of all bank loans were long-term loans for investment purposes.

Out of the total capital investments utilized in the economy during the first half of this year, over 23% were utilized at the expense of foreign investments and loans, whose volume compared to the same period of the previous year grew by 17.2% and amounted to $1.8 billion, with direct foreign investments amounting to $1.2 billion. The volume of funds utilized at the expense of the Fund for reconstruction and development of Uzbekistan towards financing large investment projects in strategic sectors of the economy increased by 6.9% and exceeded $ 240 million.

Over 51% of utilized capital investments accounted for the investments at the expense of own funds of enterprises and population, resulted from the engagement of additional internal resources for the implementation of active investment policy, as well as implementation of measures to stimulate the growth in business revenues and improving living conditions and quality of life of the population.

As a result of implementation of projects on modernization, technical and technological renewal of the industry, as well as the Programme of measures to reduce energy consumption, implement energy saving technologies in industries and the social sector for 2015-2019, the cost of the produced by large enterprises products has been reduced by an average of 9.8%, electricity consumption on average of 265.6 thousand kW.h. per year, GDP energy consumption overall by 7.6%.

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