Progress in 2014

Uzbekistan’s GDP growth in 2014 amounted to 8 percent, industrial production expanded by 6.3 percent, agriculture by 6.6 percent, services by 16.1 percent. The state budget has been closed with a surplus of 0.4 percent of GDP. Inflation level has not exceeded the set forecast indicator.

Targeted efforts toward cashing in the competitive advantages of Uzbek exporter enterprises to a full extent, diversification of export structure and energetic entrance into new foreign markets have helped secure the enlargement of exports in 2014 by 15.4 percent, a remarkable positive foreign trade balance, and the rise of gold and currency reserves of the country.

The continuous materialization of complex measures directed at further enhancing the reforms in banking and finance system and raising its financial steadiness has been ensuring the maintenance of high level of capital sufficiency of Uzbekistan’s banking system and expansion of crediting scales. During the year under revision, assets of banks increased by 32.4 percent. The forecast of a stable and positive development of commercial banks in Uzbekistan also is supported by leading international rating agencies.

Pro-active investment policy and implementation of priority investment projects on modernization, technical and technological re-equipment of critical sectors of the economy, advancement of transport and communications infrastructure have facilitated the increase in the volume of assimilated investments by 11.2 percent. 1,006 new production capacities have been introduced; implementation of 144 major investment projects has been completed.

Uzbekistan continued the comprehensive development of new residential areas and creation of modern infrastructure in rural areas. 7.4 thousand houses of model design have been built in 156 rural districts in 2014 for soft loans of Qishloq Qurilish Bank.

The measures taken as part of Employment Program in 2014 led to the creation of about one million jobs, more than 68 percent of them in rural areas.