CERR analyzed the business activity of the regions

CERR analyzed the business activity of the regions

The results of monitoring showed that the volume of tax revenues of the republic in the period from January 1 to January 31 of this year increased by 24.6% compared to the same period last year.

The significant growth of tax revenues was observed in Kashkadarya (by 55.3%), Bukhara (by 53.5%), Syrdarya (by 52.8%) regions, the Republic of Karakalpakstan (by 45.7%) and in Tashkent city (by 70%).

The growth of tax revenues was achieved through the creation of equal competitive conditions for business activity and by decreasing the regulatory and administrative burden, automation of procedures and simplifying procedures for compliance with tax legislation.

Revenues from custom duty during the analyzed period increased by 40.6%. The largest increase of revenues was observed in Andijan (2.7 times), Khorezm (2 times), Tashkent (71.6%), Bukhara (66.4%) regions and Tashkent city (4 times).

The increase in the volume of custom duty payments indicates the growth of foreign trade turnover. Machinery and equipment and industrial goods have a significant share in the structure of imports. This trend indicates the creation and modernization of production facilities, which in the long term will contribute to an economic growth.

According to the State Customs Committee, the volume of exports since the beginning of the year increased by 18.9% compared to the same period last year. The growth of export volumes of goods was noted in Kashkadarya (by 67%), Surkhandarya (by 65.5%), Samarkand (by 53.8%), Ferghana (by 46.6%), Namangan (by 46.1%) and Khorezm regions (by 31.0%).

The increase in the volume of Uzbekistan's exports is explained by the growing volume of exports of industrial goods, foodstuffs, chemicals and agro-food products. The volume of loans issued by commercial banks decreased by 0.9% from January 1 to January 31 this year compared to the same period of the previous year.

The growth in the number of issued credits was observed only in Andijan region (by 3.2 times), Samarkand region (by 95.8%) and Republic of Karakalpakstan (by 6%). In all other regions the issuance of credits decreased in comparison with the same period of last year.

According to the Central Bank of Uzbekistan, the decrease of this indicator can be explained by the issuance of large loans in the base period (January 2021) for a total of 1.52 trillion soums, which were not observed in January this year.

During this period, 7,013 new business entities were created, the largest number of which were registered in Samarkand (909), Andijan (756), Tashkent (590), Fergana (572) regions and Tashkent city (1,277).

Volume of deals at Uzbek Republican Commodity Exchange during analyzed period grew by 47.3%. Considerable growth of exchange activity is observed in Tashkent (by 89.4%), Namangan (by 71.4%), Khorezm (by 45.4%) provinces, Republic of Karakalpakstan (by 50.5%) and in Tashkent city (by 81.7%).

Growth of transactions volume in these regions is provided with growth of certain goods such as automobile gasoline, diesel fuel, rolled ferrous metal, cathode method, polyethylene, forage wheat, building materials, spirits and etc.

Center for Economic Research and Reforms

Karamat Nurillaev

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