Uzbek government sums up results of 2010
Uzbekistan, Tashkent, Jan. 21 / Trend D. Azizov /
Gross domestic product (GDP) of Uzbekistan grew by 8.5 percent, while industrial production in the country increased by 8.3 percent in 2010, the Uzbek government said on January 21, 2011 at the session dedicated to social-economic development of the country in 2010 and important priorities of economic programme of 2011.
In 2010, the growth of agriculture production made up 6.8 percent, construction work - 8.1 percent, retail trade turnover - 14.7 percent and paid services - 13.4 percent.
The State Budget of Uzbekistan was executed with 0.3 percent surplus to GDP at decreasing tax burden to economy. The inflation rate did not exceed set forecasted volumes.
Support of exporters and diversification of export structure, active entering to new markets helped to increase exports volume by 10.8 percent and significant growth of current account balance, as well as growth of gold-currency reserves.
The government said that adopted measures on increasing capitalization of banks allowed to increase capital adequacy of the banking system of Uzbekistan, which exceeds three times of generally adopted international standards.
Loan investments of the bank to real sector of economy grew by 35 percent, while share of long-term investment loans in total loan portfolio exceeded 75 percent. The volume of loans, issued to small businesses, grew by 1.4 times.
Measures on stimulating development of small businesses and private entrepreneurship allowed to increase its share in GDP from 50.1 percent in 2009 to 52.5 percent in 2010.