The stability of the country's economy depends on many factors, economic policy measures, as well as business activity in the region and attitude of customers.
In this regard, especially in the context of the crisis caused by the spread of the coronavirus pandemic in Uzbekistan and around the world, experts of the Center for Economic Research and Reforms (Center) conduct monthly monitoring of business activity at the regional and district levels.
The analysis of business activity in the regions of the Republic of Uzbekistan is carried out on a monthly basis on the basis of operational data of the Center (monitoring in all areas of the country, the State Customs Committee, the State Customs Committee, the Central Bank and the UZEX).
The monitoring results showed that in the period from February 1 to February 28 this year, the volume of tax revenues increased by 8.2% compared to the same period this year.
At the same time, a significant increase in tax revenues was observed in Kashkadarya (38.3%), Andijan (32.4%), Bukhara (17.6%) regions and the Republic of Karakalpakstan (9.0%).
The increase in tax revenues is indicative of the resumption in business activity after the pandemic and the increase in tax collection without increasing the tax burden on the population and business.
The pandemic had a negative impact on the financial and economic activities of business entities. The measures taken by the state to support businesses have helped to prevent the inconvenience associated with the provision of state budget revenues.
Revenues from customs duties in the analyzed period increased by 3.7% compared to the same period this year.
The largest increase in customs revenues among the regions of Uzbekistan was recorded in Surkhandarya (83.2%), Khorezm (47.1%) and Fergana (19.2%) regions.
Today, Uzbekistan has restored trade relations with almost all countries in the world. The largest volume of foreign trade turnover was recorded with China, Russia and Kazakhstan. In turn, the growth of foreign trade activity and the growth of domestic demand from the population allowed to increase customs revenues.
According to the State Customs Committee, exports of goods have increased by 11.3% since the beginning of the year. The growth of exports of goods fell in Bukhara (71.2%), Surkhandarya (39.0%), Navoi (34.9%), Khorezm (28.1%) regions.
The increase in external demand for traditional Uzbek exports has led to a gradual increase in exports of goods, which indicates the gradual stabilization of the world economy after the critical phase of the pandemic.
Over the past month, the volume of loans issued by commercial banks increased by 46.5%. The largest increase in the volume of loans is observed in Fergana (2.3 times), Navoi (97.9%) and Khorezm (95.8%) regions and the Republic of Karakalpakstan (2.6 times).
The increase in lending in Uzbekistan explains the increase in the activity of business structures in the country and in the regions.
During this period, 9,508 new businesses were established in the country, the largest number of which were registered in Kashkadarya (1030), Samarkand (888), Tashkent (768) regions and the city of Tashkent (1558).
During the analyzed period, the volume of transactions at the Uzbek Republican Commodity Exchange increased by 15.2%.
During this period, there was an increase in exchange activity in all regions of the country. In particular, significant growth is observed in Kashkadarya (49.9%), Namangan (48.2%), Surkhandarya (44.6%) and Tashkent (36.5%) regions.
The increase in the volume of transactions in these regions was due to an increase in sales of goods such as cotton fiber, gasoline, cotton seeds, diesel fuel, construction materials, cement products, sugar, vegetable oil and polyethylene. This indicates an increase in the activities of legal entities and consequently a gradual increase in incomes of the population, which in turn stimulates the activity of economic processes and business structures.
Following the lifting of quarantine restrictions, Uzbekistan has seen a gradual recovery in economic activity. This is primarily due to the large-scale measures taken by the government to support all sectors of the economy during the serious period of the crisis, which allowed to maintain positive rates of economic growth and ensure positive dynamics of business circles in the country.
The gradual economic recovery in 2021 is also confirmed by the results of a monthly survey of enterprises conducted by the Center for Economic Research and Reform to assess the state of the business environment in Uzbekistan. The study reflects the attitude of entrepreneurs across the country.
Center for Economic Research and Reform
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