Uzbek analysts review COVID-19 impact on business activity

Uzbek analysts review COVID-19 impact on business activity

BAKU, Azerbaijan, May 12

By Ilkin Seyfaddini – Trend:

The number of Uzbekistan's interbank payment transactions in April 2020 amounted to 3.7 million and decreased by 1.5 million transactions (29.3 percent) compared to March 2020, Trend reports citing the Center for Economic Research and Reforms of Uzbekistan (CERR).

There is also a decline of 39.8 percent compared to the same period last year. Compared to the base period (January 2015), number of interbank payment transactions decreased by 13.4 percent.

In April 2020, the number of banking operations between legal entities, compared to the previous month, decreased in all 14 regions. The most significant decline was observed in Bukhara (36.1 percent), Tashkent (33.8 percent), Navoi (33.2 percent) regions and Karakalpakstan (35.9 percent).

Moreover,In April 2020, the exchange component of Business Activity Index (BAI) was 0.913, a decline of 8.7 percent compared to the previous month. The decline in the component was due to a decrease in the average number of transactions, as well as in the physical volume of goods purchased in each transaction.

As expected, the global crisis and the impact of the quarantine imposed from 24 March this year across the country in response to the coronavirus pandemic have had a significant impact on this component. As of April, the Republican Mercantile Exchange had 51,027 transactions, down 7,334 transactions (12.6 percent) from March 2020 (58,361).

Total turnover of the commodity exchange in April 2020 was 2.9 trillion soum ($285.4 million), 7.4 percent less than in the previous month.

Also,component of operating economic entities made up 1.08 in April 2020, which is 8.8 percent more compared to the previous month.

The number of operating economic entities in April 2020 increased by 4,973 units as compared to March 2020 (451,870 units) and constituted 456,833 units.

During the reporting period, the number of small businesses increased from 352,167 to 355,701 (an increase of 3,534). The number of farms increased from 97,292 to 97,983 (an increase of 691 units). The number of operating large enterprises was 3,149, an increase of 738 units compared to March 2020.

In April 2020, the protected mark index was 0.25, a decline of 75 percent over the previous month. In April this year, only 18 trademarks and trade names were registered as legal entities.

In April 2020, the Business Activity Index (BAI) calculated by the Center for Economic Research and Reforms was 859 points compared to March 2020 (14.1 percent decrease); 963 points compared to April 2019 (3.7 percent increase).

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