The level of entrepreneurial activity in Uzbekistan has been characterized by high volatility and regional diversity in recent years. Stimulating entrepreneurial activity in our country plays important role during the current high economic growth.
To assess the economic situation in the country, experts from the Center for Economic Research and Reforms (CERR) conduct monthly monitoring of business activity at the regional and district levels
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 of the republic during the period from June 1 to June 31 of this year grew by 6.8% over the same period last month. At the same time, a significant increase in tax revenues was noted in Kashkadarya (by 27.1%), Fergana (by 13.5%), Surkhandarya (by 13.4%), Andijan (by 13.3%), Samarkand (by 12, 0%) regions and in the Republic of Karakalpakstan (by 12.7%).
The increase in tax revenues indicates an improvement in the state of business activity and strong economic growth, a reduction in the shadow economy and improved tax administration. Additional tax revenue allows governments to simultaneously improve their competitiveness and promote social cohesion by increasing spending on education, infrastructure and innovation.
Receipts from customs payments for the analyzed period increased by 7.2%. The largest increase in the volume of receipts was noted in Navoi (by 43.8%) and Tashkent (by 19.4%) regions, in Tashkent city (by 12.6%) and in the Republic of Karakalpakstan (by 20.5%).
Currently, Uzbekistan has improved trade relations with its main trading partners, namely China, Russia and Kazakhstan. Consequently, an increase in foreign trade turnover and an increase in domestic demand within the country led to an increase in customs revenues.
According to the State Customs Committee, the volume of exports of goods increased by 8.4%. The growth in the volume of exports of goods was in Jizzakh (by 31.5%), Navoi (by 26.1%), Samarkand (by 24.0%), Khorezm (by 19.6%), Andijan (by 18.1%) regions and in Tashkent city (by 18.0%).
The increase in the rate of Uzbekistan's exports can be attributed to an increase in the production of export-oriented products and an increase in external demand for traditional Uzbek articles.
The volume of loans issued by commercial banks over the past month increased by 11.8%. The largest growth in the volume of loans issued is observed in Syrdarya (by 76.0%), Samarkand (by 72.3%), Surkhandarya (by 59.1%), Andijan (by 52.2%) regions.
The increase in the volume of loans issued by commercial banks indicates a gradual improvement in the activities of business structures.
During this period, 8,210 new business entities were created, the largest number of which was registered in Samarkand (1230), Kashkadarya (990), Tashkent (831), Fergana (798) regions and in Tashkent (1339).
The volume of transactions at the Uzbek Republican Commodity and Raw Materials Exchange for the analyzed period increased by 9.1%.
A significant increase in stock exchange activity is observed in Namangan (by 45.6%), Surkhandarya (by 35.1%), Syrdarya (by 20.7%), Kashkadarya (by 17.5%) regions in Tashkent (by 14, 8%) and in the Republic of Karakalpakstan (by 26.1%).
The growth in the volume of transactions in these regions was ensured by an increase in the sale of such goods as mineral fertilizers, diesel fuel, cotton fiber, motor gasoline, cement, ferrous metals, copper, sugar, industrial seeds and polyethylene. This is evidence of the growth in the activity of legal entities and an increase in the income of individuals.
Since the beginning of this year, the country has seen a gradual increase in economic activity. This is the success of the measures taken in addressing the problems associated with the pandemic. In general, on the scale of economic entities, there are relatively positive trends that have a positive effect on economic growth. Consequently, the marked growth in the level of income of enterprises and residences and the increase in the volume of entrepreneurial activity indicate a constant pattern of economic recovery throughout 2021.
In recent years, the introduction of some of the tools that were used as the main factors of economic activity in Uzbekistan has significantly expanded, and relevant strategies and work are continuing in this direction. The main macroeconomic indicators show a significant positive recovery from the significant economic downturn caused by the global pandemic.
The gradual recovery of the economy in 2021 is also evidenced by the results of a survey of enterprises to assess the state of the business climate in Uzbekistan, which is carried out monthly by CERR. The study reflects business sentiment across the country.
Center for Economic Research and Reforms
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