Thursday, 22, February, 2024

Economy

In 2023, Uzbekistan’s international trade reached US$ 62.6 billion. According to the statistics agency, Uzbekistan’s international trade in 2023 increased by 23.9% compared to 2022.

According to the Statistics Agency, in 2023 the total volume of products (services) of agriculture, forestry and fisherieswas worth of 426.3 trillion soums, or US$ 34.8 billion.

 total value of monetary receipts (cash and through terminals) to banks in Uzbekistan topped 669 trillion soums, or US$ 53 billion in 2023, which is by 28% more than in 2022, the Central Bank said in a report.

Uzbeks imported 73,204 passenger cars in 2023, the Statistics Agency said in a report. This is 2.4 times more than the 2022 figure - 30,388. In previous years, car imports grew at a slower pace: in 2022 - by 12.7%, in 2021 - by 5.2%.

German firms are offering 50 thousand vacancies for Uzbeks, the Agency for External Labor Migration said. Available vacancies are in the following trades:

According to the Statistics Agency, in 2023 Uzbekistan’s international trade topped nearly US$ 62.6 billion, recording a 23.9% increase to 2022.

At the government meeting today, the president Shavkat Mirziyoyev identified priorities for the economy of Uzbekistan for 2024, his spokesman Sherzod Asadov said.

Authorized representatives or official dealers of manufacturers are required for importing a number of home appliances into Uzbekistan from February 1, 2024. This is provided for by the president’s Jan. 10 Additional measures to further increase the productive and export potential of the electrical industry Decree, the Ministry of Justice said.

The Central Bank set a new exchange rate for foreign currencies to the Uzbek soum for January 11. At the end of trading, the US dollar to soum rate increased by 20.99 soums to a historical maximum of 12,418.03.

As per the tax and budget policies for 2024, the tax rate for limestone intended for cement production in Uzbekistan has been reduced by almost 4 times.

Uzbekistan’s official reserves topped $34.56 billion as of January 1, 2024, recording an increase by $1.67 billion in December, the Central Bank said in a report.

1.24% inflation was recorded in Uzbekistan In December 2023, the Statistics Agency said in a report. This is slightly higher than in December 2022, but lower than in previous years (in December 2022 - 1.23%, 2021 - 1.26%, 2020 - 1.55%, 2019 - 1.69%). 

Uzbekistan’s international trade reached 57.3 billion US dollars in January-November 2023, the statistics agency said. Reportedly, the volume of the country’s international trade increased by 26.2% compared to the corresponding period of last year.

At the 48th session of the Senate, the senators considered the 2024 State Budget of the Republic of Uzbekistan Bill. During the discussions, they underscored that in 2024, the GDP was forecasted to grow by 5.6-5.8 percent.

Volume of Uzbekistan’s shadow economy is estimated at from 25% to 45% to the GDP. This figure was announced at a meeting of the Senate today by the Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov.

The basic property tax rate (1.5%) will remain unchanged, however, when setting the tax base 1 sqm of the tax base will be factorized by 20%, UzA said.

The number of large tax payers in Uzbekistan surpassed 1.6 thousand. In 11 months of this year, they paid 87.4 trillion soums in taxes, the Tax Committee said in a report.

At its Dec. 14 meeting 14, the BOD of the Central Bank decided to keep the interest rate at 14%, the regulator’s press service said.

Bukhara and Ferghana oil refineries increased gasoline production by 21.2%, the press service of Uzbekneftegaz said in a statement.

On November 30, President Shavkat Mirziyoyev signed decrees on the construction of solar photoelectric power plants in Bukhara and Khorezm provinces under public-private partnership terms.