ISSN2091-5071
Uzbekistan Economic Trends
Information and Analytical Bulletin
for January-June 2013
Tashkent – 2013
Editorial Board
D.R. Turdiev
Sh. <...> Financial liberalization: Developing the retail banking business in Uzbekistan ........... 89
6.2. <...> Industrial output grew
by 8.2%, including consumer goods production – by 14.4%, testifying efficiency of
measures aimed at further diversification of industrial sectors, promotion of production
expansion and broader range of competitive goods. <...> The growth in output of goods and services, creation of new production capacities
and new jobs along with promotion of domestic consumer demand resulted in the
14.6% growth in retail trade turnover and 12.1% growth of services. <...> The following factors were key factors for preserving high and stable social and
economic growth:
metal working (123%), light (115.1%), production of construction materials (111.9%),
chemical and petrochemical (105.3%), and food (107.1%). <...> The share of these sectors
in total industrial output grew from 53% in the first half of 2012 to 56.1%. <...> Due to
launching over 1,200 new production entities, as well as expanded modernization in
the industrial sector the level of diversification accounted for 38.6%, including due to
the rise in labor productivity by 6.5%. <...> As a
result, in the first half of 2013 the output of innovative goods was worth of over UZS
43 billion.
• active investment policy and attraction of foreign investment focused at accelerated
modernization, technical and technological renovation of existing enterprises and
establishment of new modern high-tech productions. <...> In the period under review
the volume of investment totaled UZS 12,1 trillion, growing by 10.5% in comparable
prices. <...> The share of investment absorbed by production sector represented 62.6%
of total investment. <...> Compared to the corresponding period of 2012, capital investment from off-budget
funds increased by 43.9%, from funds of the public – by 26.1%, loans extended by
commercial banks grew by 10.1%. <...> The funds of the public represented 25.3% of total
investment, demonstrating high investment activity of the population.
• support to enterprises-exporters and expanded export of goods, including by
broader localization in production of spare parts, expanded product mix, increased
export of goods and services. <...> As a result, the
volume of goods and services grew by 1.4% compared to the corresponding 2012
level. <...> In the first half of
2013, due to further improvement of business environment there were <...>
Бюллетень_Экономика_Узбекистана_(на_английском_языке)_№2_2013.pdf
ISSN2091-5071
UZBEKISTAN ECONOMIC TRENDS
Information and Analytical Bulletin
for January-June 2013
Tashkent – 2013
Стр.1
Editorial Board
D.R. Turdiev
Sh.Kh. Khaydarov
M.М. Mirzaev
A.A. Abduhakimov
А.А. Khaitov
Chief Editor
B.M. Eshonov
Deputy Chief Editor
J.A. Fattakhova
Project Coordinator
Kh.M. Muradova
Advisors
O.Z. Gaybullayev
U.A.Abdullajonov
Technical Assistance
N. Shamukhamedov
Translator
Z.Kh. Zaitova
Section Coordinators:
F.F. Nasriddinov ................................................... (section 1.1, 1.3)
D.R. Abduazizov .................................................. (section 1.2, 1.4)
J.R. Sidikov .......................................................... (section 2.1)
A.Ya. Khaydarov .................................................. (section 2.2, 2.3, 2.4)
E.S. Akulova ........................................................ (section 2.5)
B.S. Yusupov ........................................................ (section 2.6)
M.A. Mirsadikov .................................................. (section 2.7)
E.M. Mukhitdinov, A.Ikramov .............................. (section 3)
V.V. Baturina, S.V. Abdurakhmonhujaev ............... (section 4)
T.M. Akhmedov, H.M. Saidakhmedov ................. (section 5)
C ONTENT S
1. Macroeconomics
1.1. Economic Growth ................................................................................................
1.2. Investment ..........................................................................................................
4
6
1.3. Foreign Trade ....................................................................................................... 8
1.4. Prices and Inflation .............................................................................................. 9
1.5. Demography and Employment ........................................................................... 10
1.6. Statistical Annex .................................................................................................. 12
2. Financial Sector
2.1. Public Finances .................................................................................................... 24
2.2. Monetary Policy .................................................................................................. 25
2.3. Banking Sector .................................................................................................... 28
2.4. Currency Policy .................................................................................................... 30
2.5. Securities Market ................................................................................................ 33
2.6. Market for Leasing Services ................................................................................ 35
2.7. Insurance Market ............................................................................................... 38
2.8. Statistical Annex .................................................................................................. 40
3. Sectors of Economy
3.1. Industry ............................................................................................................... 49
3.2. Agrarian sector .................................................................................................... 52
3.3. Transport and Transport Communications .......................................................... 54
3.4. Services ............................................................................................................... 57
3.5. Statistical Annex .................................................................................................. 59
4. Small Entrepreneurship
4.1. Trends in Development of Small Entrepreneurship ............................................ 72
4.2. Cost of Doing Business. Help for Entrepreneurs ................................................. 74
4.3. Statistical Annex .................................................................................................. 79
5. Regions
5.1. Development of Regions ..................................................................................... 81
5.2. Statistical Annex .................................................................................................. 85
6. New Research Works of the CER
The publication has been produced with support of Turkish Cooperation
and Coordination Agency and Japan International Cooperation Agency
© Center for Economic Research
© TIKA ©JICA
6.1. Financial liberalization: Developing the retail banking business in Uzbekistan ........... 89
6.2. Employment in Uzbekistan: Challenges and Prospects ................................................. 92
Infographics ............................................................................................................................. 98
Стр.2
1 macroeconomics
1.1. ECONOMIC GROWTH
Factors of economic growth. In the first half of 2013 key macroeconomic indicators
preserved positive trends. GDP growth accounted for 108.0%. Industrial output grew
by 8.2%, including consumer goods production – by 14.4%, testifying efficiency of
measures aimed at further diversification of industrial sectors, promotion of production
expansion and broader range of competitive goods.
Implementation of measures aimed at strengthening material and technical
resources of agrarian producers, support provided to processing enterprises and
development of agrarian infrastructure ensured growth in gross agrarian output by
7.3%. Accelerated implementation of key production and infrastructure projects
resulted in high growth of investment (by 10.5%) and contract construction works (by
16.1%).
The growth in output of goods and services, creation of new production capacities
and new jobs along with promotion of domestic consumer demand resulted in the
14.6% growth in retail trade turnover and 12.1% growth of services.
The following factors were key factors for preserving high and stable social and
economic growth:
metal working (123%), light (115.1%), production of construction materials (111.9%),
chemical and petrochemical (105.3%), and food (107.1%). The share of these sectors
in total industrial output grew from 53% in the first half of 2012 to 56.1%. Due to
launching over 1,200 new production entities, as well as expanded modernization in
the industrial sector the level of diversification accounted for 38.6%, including due to
the rise in labor productivity by 6.5%.
Some innovative technologies were put into mass production in frame of contracts
concluded at the Republican Fair of Innovative Ideas, Technologies and Projects. As a
result, in the first half of 2013 the output of innovative goods was worth of over UZS
43 billion.
• active investment policy and attraction of foreign investment focused at accelerated
modernization, technical and technological renovation of existing enterprises and
establishment of new modern high-tech productions. In the period under review
the volume of investment totaled UZS 12,1 trillion, growing by 10.5% in comparable
prices. The share of investment absorbed by production sector represented 62.6%
of total investment.
Compared to the corresponding period of 2012, capital investment from off-budget
funds increased by 43.9%, from funds of the public – by 26.1%, loans extended by
commercial banks grew by 10.1%. The funds of the public represented 25.3% of total
investment, demonstrating high investment activity of the population.
• support to enterprises-exporters and expanded export of goods , including by
broader localization in production of spare parts, expanded product mix, increased
export of goods and services. In the period under review enterprises were
encouraged to expand export of competitive goods and services. As a result, the
volume of goods and services grew by 1.4% compared to the corresponding 2012
level.
The measures aimed at further expansion of export potential of sectors and regions
of the republic ensured a significant growth in export of ammonium sulphate, liquefied
gas, recyclable aluminum, trucks, wheat, knitted fabric, fruits and vegetables and other
goods.
• accelerated development of small business and service sector. In the first half of
2013, due to further improvement of business environment there were established
15,800 new small business entities (excluding farms). The biggest number of small
business entities was established in industry (28.2% of total), trade and public
catering (26.8%), agriculture and forestry (15.1%) and construction (9.6%). The total
number of small business entities grew by 4.6% compared to the corresponding
2012 level.
Small businesses were leased 19,100 idle government facilities. Besides, commercial
Source: State Statistics Committee
4
• More profound structural transformations in industrial sectors. Comprehensive
measures implemented in frame of the economic program for 2013 aimed at further
technical and technological renovation and diversification of industrial production,
as well as raising competitiveness of industries ensured further deepening in
structural transformation of the industrial sector.
There was achieved dynamic development in such sectors as machine building and
MACROECONOMICS / ECONOMIC GROWTH
banks extended loans valued at UZS 3,7 trillion, which is by 1.3 times more than in the
corresponding period of 2012. The volume of microcredits grew by 1.4-fold with total
value of UZS 775,2 billion.
As a result, the share of small business rose to 43.2% of GDP (42.6% in the 1st half
of 2012), to 22.9% of industrial production (21.8%), to 19.2% of exports (12.4%), and to
75.5% of employment (75.1%).
In the first half of 2013 in line with the Program of Service Sector Development
the government allocated over UZS 13 billion for creation and development of service
MACROECONOMICS / ECONOMIC GROWTH
5
Стр.3