Uzbek Govn’t expects 7.8% GDP growth in 2016
30/10/2015 14:22
Uzbek Govn’t expects 7.8% GDP growth in 2016
30/10/2015 14:22
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan expects that the gross domestic product (GDP) will grow by 7.8% in 2016. This was announced at the session of the Committee of the Legislative Chamber of Oliy Majlis of Uzbekistan on budget and economic reforms, which considered a draft state budget for 2016.
The main direction of tax and budget policy, as well as main macroeconomic figures for 2016 served as foundation for the draft state budget and budgets of targeted funds for 2016. The documents envisage that the GDP of Uzbekistan will grow by 7.8% in 2016, industrial production – 8.2%, agriculture production – 6.1%, capital investments – 9.6%.
It was noted that income of the state budget will make up 40.5 trillion soums and expenses 42.7 trillion soums. The budget deficit will be 2.2 trillion soums or 1% of GDP, the press service of the Legislative Chamber of Oliy Majlis said.
It was underlined that tax and budget policy envisages several measures directed to ensuring growth of macroeconomic figures, based on stimulating modernization of economy, supporting small and private businesses, decreasing tax burden, improving investment climate and well-being of population.
In particular, it is planned to decrease single tax payment for microfirms and small enterprises in the sphere of services from 6% to 5%, which will allow businesses to keep 58.4 billion soums and increase share of services in GDP to 55%.
In 2016, the Government plans to keep current rates of taxes for accomplishment and development of social infrastructure, tax for income, single tax payment, value added tax and some other taxes and mandatory payments.
In the result of realized measures, it is expected that tax burden to economy will decrease from 20.7% in 2015 to 19.1% in 2016.
The size of income and expenses of the state targeted funds for 2016 set at the size of 23.4 trillion soums, which will play great role in implementation of the state programmes.
– It should be noted that the concept of budget policy of 2016, along with the implementation of all adopted social programs, a consistent continuation of the improvement of the quality of social services focuses on strengthening social orientation of budget spending, targeted social support of the population and the consistent increase in welfare due to the annual wage increase of employees of budget organizations, pensions, stipends and social allowances, – says member of the Committee K.Mirzaev, - while the share of social expenditures instead of the expected 58.7% in 2015, the next year will rise to 59.2%.
It was noted that the amount of funds allocated to education and healthcare system, which is important in social spending, maintaining the trend of growth in comparison with the last year, will amount in relation to GDP in 2016, respectively 6.8% and 2.8%. This will enable the provision of funding measures provided in the adopted programs on formation of a healthy and harmoniously developed generation, and reformation of healthcare system.
In 2016 in the economy it is envisaged to allocate funds in the amount of 2.1% against GDP. The volume of centralized investments financed from the State budget will amount 1% in relation to GDP, which in turn will contribute to the solution of such problems as implementation of major transport and communication projects, including the continuation of the construction of new electrified railway lines “Angren-Pap”, “Navoi-Kanimekh-Miskin”, implementation of the State program on improvement of architectural appearance of cities of the country, the construction of important large water conservancy facilities and irrigation facilities on the effective use of water resources, creation of social infrastructure objects in residential areas on the basis of model projects and other tasks.
In the context of the ongoing global economic complex processes and negative trends, - emphasized the parliamentarians, in the draft guidelines of the Budget Message – the State budget, the state trust funds and tax and budget policy for 2016 provides for the implementation of measures on stimulating domestic demand as an important factor of stable economic growth of the country.
However, at the meeting it was noted that measures are envisaged to be implemented on ensuring the expansion of revenue base of local budgets and the efficient use of resources in the regions, strengthening the independence and increasing interest of local authorities.
It was also noted that the activities of the Budget Message – the State budget, the state trust funds and tax and budget policy of 2016 are aimed at stable development of the country and increasing welfare of the population. During the meeting, deputies received answers to all their questions from the heads of relevant ministries and departments.
18/05/2024Read more
18/05/2024Read more
$ 1 | 12727.96 | +0.134% |
1 | 13781.84 | +0.459% |
₽ 1 | 139.46 | +0.288% |