Uzbekistan Economic Trends
Information and Analytical Bulletin
for 2010
Tashkent–2011
Editorial board:
B.E. Turayev
R.M. Shoabdurakhmanov
М. <...> OUTPUT AND USE OF GDP
High economic development rates preserve
Growth in export of goods with high value-added
Overall support to small business and service sector
Economic growth factors. <...> Macroeconomic stability characterized by relatively low inflation rate equal to 7.3%, state budget surplus
equal to 0.3% of GDP and positive foreign trade balance of over USD 4.2 billion;
2. <...> As a result, industrial output grew by 8.3%,
production of consumer goods grew by 12%, volume of construction works rose by 8.1%, agricultural output
increased by 6.8%, cargo transportation grew by 9.9%;
3. <...> In the structure of capital
investments, the share of foreign investment and loans accounted for 28.8%, whereas the volume of foreign
direct investment exceeded USD 2.4 billion.
4. <...> Growth of home demand and growth in real incomes of the population resulted in 14.7% increase in
retail trade turnover and 13.2% growth in the service sector:
5. <...> Due to the growth in the resource base, commercial banks managed to extend loans
for modernization and technical upgrading of industrial enterprises totaling over UZS 3250 billion, which
surpassed the 2009 level by 35%. <...> The share of long-term loans (with maturity of over three years) accounts for
75.2% of total loans.
7. <...> Due to the measures aimed at the support and
promotion of small business and private entrepreneurship, expansion of their access to financial and material
resources, the share of small business in GDP grew from 50.1% in 2009 to 52.5% in 2010, in industry – from
16.9% to 19.6%, in employment – from 73.9% to 74.3%. <...> Growth rates in industrial production of small business
accounted for 126.4% against 121.5% in 2009. <...> Implementation of the Service Sector and Entrepreneurship Development Program ensured the growth in the
share of the service sector in GDP from 47.2% in 2009 to 49% in 2010. <...> Services provided in rural area had
advance development. <...> Over 2000 entities of retail trade, about 500 entities of public catering and 3200 enterprises
to render consumer services were put into operation creating 152,500 jobs in rural area. <...> INVESTMENT
Growth in foreign investments into processing industries
High investment activity of commercial banks <...>
Бюллетень_Экономика_Узбекистана_(на_английском_языке)_№4_2010.pdf
Uzbekistan Economic Trends
Information and Analytical Bulletin
for 2010
Tashkent–2011
Стр.1
Editorial board:
B.E. Turayev
R.M. Shoabdurakhmanov
М.М. Mirzayev
R.М. Abdukarimov
А.А. Khaitov
К.F. Tolipov
Chief Editor:
B.M. Eshonov
Deputy Chief Editor:
J.A. Fattakhova
Project Coordinator:
Kh.M. Muradova
Advisor:
O.Z. Gaybullayev
Technical assistance:
O.V. Naumova
Translator:
Z.Kh. Zaitova
Section coordinators:
F.F. Nasritdinov
D.R.Abduazizov
A.A. Nabikhodjayev
S.Kh. Khaitmuratov
J.R. Sidikov
A.Ya. Khaydarov
M.A. Mirsadikov
B.S. Yusupov
E.S. Akulova
N.J. Khusanov
F.M. Rizaev
N.Ya. Khamrakhodjayev
V.V. Baturina
E.Z. Zokirov
E.M. Mukhitdinov
A.Kh. Tuychiyev
J.N. Ismailov
U.K. Jumanov
H.S. Dadayev
U.A. Shakirov
Yu.T. Abduganiyeva
T.M. Akhmedov
H.M. Saidakhmedov
(section 1.1)
(section 1.2)
(section 1.3)
(section 1.4)
(section 2.1)
(sections 2.2, 2.3, 2.4)
(section 2.5)
(section 2.6)
(section 2.7.1)
(section 2.7.2)
(section 3)
(section 4.1)
(section 4.2)
(section 4.3)
(section 5.1)
(section 5.2)
(section 5.2)
(sections 5.3, 5.4)
(section 5.5)
(section 5.6)
(section 6)
(section 7)
(section 7)
The publication has been produced with support of UNDP Economic Governance Unit
and "Support to Reform Process in Uzbekistan" project.
The views and opinions expressed in this publication do not necessarily reflect the official positions of the Center for Economic Research
or the United Nations Development Program.
© Center for Economic Research, 2011
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form
or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission
of the Center for Economic Research.
Стр.2
CONTENTS
1. MACROECONOMIC INDICATORS................................................................................................................... 4
1.1. OUTPUT AND USE OF GDP....................................................................................................................... 4
1.2. INVESTMENT.............................................................................................................................................. 7
1.3. PRICES AND INFLATION ......................................................................................................................... 10
1.4. DEMOGRAPHY, EMPLOYMENT AND LABOR MARKET........................................................................ 13
2. FINANCIAL SECTOR ...................................................................................................................................... 15
2.1. PUBLIC FINANCES................................................................................................................................... 15
2.2. MONETARY POLICY................................................................................................................................. 17
2.3. BANKING SECTOR................................................................................................................................... 18
2.4. CURRENCY POLICY................................................................................................................................. 20
2.5. INSURANCE MARKET.............................................................................................................................. 22
2.6. MARKET FOR LEASING SERVICES........................................................................................................ 24
2.7. SECURITIES MARKET.............................................................................................................................. 26
2.7.1. CORPORATE SECURITIES MARKET................................................................................................... 26
2.7.2. GOVERNMENT SECURITIES MARKET................................................................................................ 27
3. FOREIGN ECONOMIC ACTIVITY................................................................................................................... 30
4. PRIVATE SECTOR DEVELOPMENT AND MARKET TRANSFORMATIONS .............................................. 33
4.1. REAL ESTATE MARKET........................................................................................................................... 33
4.2. SMALL ENTREPRENEURSHIP................................................................................................................ 35
4.3. DEMONOPOLIZATION AND DEVELOPMENT OF A COMPETITIVE ENVIRONMENT.......................... 38
5. SECTORS AND INDUSTRIES OF ECONOMY............................................................................................... 40
5.1. INDUSTRY................................................................................................................................................. 40
5.2. AGRARIAN SECTOR ................................................................................................................................ 43
5.3. CONSUMER GOODS MARKET................................................................................................................ 46
5.4. TRANSPORT AND TRANSPORT COMMUNICATIONS .......................................................................... 48
5.5. COMMUNICATION AND INFORMATIZATION......................................................................................... 51
5.6. TRADE AND SERVICES........................................................................................................................... 53
6. INCOMES AND EXPENDITURES OF THE POPULATION. SOCIAL PROTECTION................................... 58
7. DEVELOPMENT OF REGIONS....................................................................................................................... 60
ANNEX ................................................................................................................................................................ 67
THE LAWS OF THE REPUBLIC OF UZBEKISTAN ............................................................................................ 67
MAIN ECONOMIC EVENTS................................................................................................................................. 68
Стр.3