Key indicators of regional business activity in March

Key indicators of regional business activity in March

Analysis of business activity in the context of the regions of the Republic of Uzbekistan 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 Tax Committee, Central Bank and UzEX).

The results of monitoring showed that the volume of tax revenues of the republic in the period from January 1 to March 31 of this year increased by 17.4% compared to the same period last year.

The significant growth of tax revenues was observed in Bukhara (by 42.4%), Ferghana (by 40.8%), Khorezm (by 36.6%), Samarkand (by 35.7%), Andijan (by 32.2%) regions, the Republic of Karakalpakstan (by 32.8%) and in Tashkent city (by 49.0%).

The growth of tax revenues is ensured by expanding the tax base (tax reform and the abolition of tax benefits), economic growth (including the easing of quarantine restrictions that were in effect in 2020) and measures taken to improve tax administration and legalize business.

Revenues from custom duty payments of the analyzed period increased by 45.7%. The largest increase of revenues was observed in Jizzakh (2.8 times), Sydarya (2.0 times), Khorezm (1.9 times), Kashkadarya (by 77.8%), Bukhara (by 70.1%) and Andijan (by 62.7%) regions.

The increase in customs revenues is associated with an increase in the volume of taxable imports and the exchange rate, measures taken by customs authorities to simplify customs procedures, accelerate the release of goods into free circulation and the introduction of new methods of customs administration.

According to the State Customs Committee, the volume of exports of goods since the beginning of the year increased by 12.2% compared to the same period last year. The growth of export volumes of goods was noted in Kashkadarya (by 63.4%), Namangan (by 44.2%), Ferghana (by 38.1%), Samarkand (by 35.4%), Syrdarya (by 29.1%) and Navoiy (by 17.6%) regions.

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 in the period from January 1 to March 31 this year increased by 8.5% compared to the same period last year.

The growth in the volume of loans issued is observed in Andijan (by 83.5%), Samarkand (by 59.5%) and Ferghana (by 26.3%) regions and in Tashkent city (by 18.5%).

According to the Central Bank of the Republic of Uzbekistan, in the base period (January and March 2021), lending was carried out to large projects of the real sector of the economy. In the reporting period, operations are mainly carried out to repay loans for these projects.

The volume of transactions on the Uzbek Republican Commodity Exchange for the analyzed period increased by 43.8%. A significant increase in exchange activity is observed in Navoiy (by 62.7%), Jizzakh (by 60.3%), Khorezm (by 46.6%) regions, in the Republic of Karakalpakstan (by 64.7%) and in Tashkent city (by 92.3%).

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.

During this period, 49,923 new business entities were created, the largest number of which were registered in Samarkand (6,149), Ferghana (4,702), Tashkent (4,305), Andijan (4,119), Kashkadarya (3,835) regions and in Tashkent city (6,990).

Yusup Zhumabaev, CERR

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