Analysis of business activity in the context of Uzbekistan’s regions is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the republic, according to the data of the State Customs Committee, State Oil Company, Central Bank and UzEX).
The monitoring results showed that the volume of tax revenues during period from January 1 to April 30 of this year grew by 29.5% over the same period last year. At the same time, a significant increase in tax revenues was noted in Navoi (by 37.6%), Kashkadarya (by 34.2%), Khorezm (by 32.2%), Jizzakh (by 31.8%) regions and in Tashkent city (by 35.4%).
The increase in tax revenues indicates a stable growth of economic activity and indicates favorable business expectations regarding the prospects for their development.
Receipts from customs payments for the analyzed period increased by 44.6%. The largest increase in the volume of receipts was noted in Jizzakh (3 times), Syrdarya (2.3 times), Fergana (2.1 times), Namangan (95.8%) regions and the Republic of Karakalpakstan (78.8%).
Currently, the growth of domestic demand in the country is helping to strengthen the state budget. In addition, positive shifts are taking place in various sectors of the economy, after the pandemic foreign economic relations of Uzbekistan with other countries are dynamically developing. Consequently, an increase in foreign trade turnover and a recovery in domestic demand contributed to an increase in customs revenues.
According to the State Customs Committee, the volume of exports of goods since the beginning of the year has increased by 36.3% compared to the same period last year. The growth in the volume of exported goods was in Jizzakh (2 times), Syrdarya (93.5%), Andijan (78.4%), Bukhara (69.4%) and Tashkent (53.0%) regions.
To increase the volume of exports, it is important to interact with international economic organizations. After the easing of pandemic measures, trade relations have recovered again. In addition, most of the import consists of machinery and equipment that are used to create and modernize production facilities will contribute to economic growth, including an increase in exports of finished products.
The volume of loans issued by commercial banks for the analyzed period increased by 25.3%. The largest growth in the volume of loans issued is observed in Surkhandarya (by 71.7%), Navoi (by 70.3%), Khorezm (by 45.6%), Bukhara (by 44.4%) regions and in the Republic of Karakalpakstan (by 34.1%).
During this period, 35,982 new business entities were created, the largest number of which was registered in Kashkadarya (4,238), Samarkand (3151), Tashkent (3,062), Fergana (2,832) regions and in Tashkent city (6,296).
A significant increase in stock exchange activity is observed in Bukhara (by 87.3%), Tashkent (by 80.5%), Namangan (by 62.9%), Fergana (by 58.7%) regions and in Tashkent city (by 2 ,2 times).
The growth in the volume of transactions in these regions was ensured by an increase in the sale of such goods as gasoline, technical cotton seeds, cotton fiber, sugar, non-ferrous metals, diesel, cement, construction and household goods, ferrous metals, polyethylene, polypropylene, vegetable oil and mineral fertilizers. This is evidence of the growth in the activity of legal entities, an increase in the income of individuals, which gives impetus to the economic process and the activities of business structures.
The growth in the volume of transactions justifies the gradual recovery of the economy through the stabilization of both demand factors and supply, which is increased in mutual trade relations between business entities.
The growth of economic activity in 2021 is also evidenced by the results of the CERR study in Uzbekistan. The study aims to give a consolidated calculation of the perception in the economy, to show the vector of business development and focusing Uzbek entrepreneurs.
Center for Economic Research and Reforms
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