Uzbek state budget surplus amounted to 0.3% of GDP in Q1

Photo: Uzbek state budget surplus amounted to 0.3% of GDP in Q1 / Uzbekistan

Tashkent, Uzbekistan, June 5
By Demir Azizov- Trend:

In first quarter of 2014, Uzbekistan's budget revenues amounted to 6.646 trillion UZS, while expenses stood at 6.589 trillion UZS. Thus, the budget surplus amounted to 57 billion UZS, or 0.3 percent of GDP.

These figures were presented at a meeting of the Committee on Budget and Economic Reforms of the Legislative Chamber of the Uzbek Oliy Majlis. The Oily Majlis was examining the government's report on the execution of the state budget in the first quarter.

Expenditures on social programs totalled at 58.5 percent of the budget in January - March, while the real income of the general population grew by 12.8 percent.

"The report provides no information about sources the budget's replenishment sources, including the receipt of taxes."

"The parliament members paid special attention to the following issues: corporations' compliance with the tax laws and effective use of all created privileges and preferences, optimization of intergovernmental relations, strengthening the revenue base of local budgets, organizing the economic environment in the regions meeting the modern market requirements, as well as further intensification of the investment activity," a formal statement said.

As reported earlier, the state budget of Uzbekistan for 2014 was approved with a deficit of 1.3 trillion soums, or one percent of the projected volume of GDP. The revenue part of the budget was approved in the amount of 30.2 trillion soums (23.2 percent of GDP), expenditure - 31.5 trillion soums (24.2 percent of GDP). The budget parameters were developed with consideration for the planned overall GDP growth of 8.1 percent for the current year, including growth in the following sectors: industrial production (8.3%), agricultural production (6%), and volume of capital investments (9.5%).

The official exchange rate is 2300.57 soums/$1 as of June 5.

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