Uzbekistan’s 9-month GDP Growth Reaches 9.4%

Business Materials 19 October 2008 14:37 (UTC +04:00)

Uzbekistan, Tashkent, 19 October / Trend corr. T.Zhukov/ Uzbek Cabinet of Ministers met in Tashkent to discuss the results of country's 9-month social and economic development, Uzbek Government said.

"GDP growth totalled 9.4% in Uzbekistan as a result of 2008 nine months. Industrial production growth accounted for 12.4%, consumer goods production growth - 18.4%, agricultural production growth - 4.1%, and services growth - 18.5%," official statement says.

"High rate of export growth provides high black ink of foreign trade turnover. The state budget was fulfilled with the surplus of 1.9% to GDP, and inflation rate did not exceed the forecasts," Cabinet said.

The meeting discussed the results of the measures being taken in the economic fields and country's areas intended to reduce the number of unprofitable, inoperative and hopeless enterprises, ineffective joint-stock companies. The necessity to take extra measures to enable financial recovery of unprofitable enterprises, acceleration of sale of bankrupted enterprises to efficient owners was stressed.

"In spite of the expanding scales of the financial crisis, which has covered many countries, the banking system of Uzbekistan is reliable and stably developing, not depending on foreign finance and is not subjected to negative effects of foreign crises. Population's trust to national banking system is solid, which is proven by the 8.6-fold growth of people's deposits in banks as a result of recent 5 years, including 1.5-fold as a result of recent 9 months," according to the Cabinet's statement.

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