Tashkent, Uzbekistan (UzDaily.com) —  Based on data from the Central Bank, the Tax and Customs Committees, and the Republican Commodity and Raw Materials Exchange, experts from the Center for Economic Research and Reforms (CERR) conduct a comprehensive monthly analysis of business activity levels across all regions of Uzbekistan.

This holistic approach to research allows for the assessment of entrepreneurial activity in various sectors of the economy at the regional level, identification of business development trends, and determination of key factors influencing the economic dynamics in the country’s regions.

According to the monitoring results, tax revenues in October 2024 grew by 15.0% compared to the same period last year, indicating continued business activity growth.

Analysis of regional tax revenues showed the highest growth in the Republic of Karakalpakstan – 18.9%. Significant increases were also recorded in Surkhandarya (15.4%), Khorezm (12.1%), Andijan (11.2%), and Samarkand (11.1%) regions.

Detailed tax revenue data revealed an 18.2% increase in personal income tax, reflecting higher employment levels and income growth. Property tax rose by 38.9%, and land tax by 26.3%.

Customs payments increased by 10.4%. The leading growth was seen in Kashkadarya, where customs revenues exceeded 120%. In Syrdarya, growth amounted to more than 60%, and in Bukhara and Jizzakh, it was around 50%. This growth is linked to an increase in the import of key commodity groups, including metals and metal products, electrical equipment, food, oil and petroleum products, pharmaceuticals, and natural gas.

Exports of goods have increased by 8.6% since the beginning of the year compared to the same period in 2023. The highest growth was observed in Navoi (49.1%), Khorezm (38.1%), and Kashkadarya (26.9%) regions.

Commercial bank lending increased by 10.2%. The largest growth in loan volumes was recorded in Tashkent (15.9%), Kashkadarya (13.9%), Fergana (10.4%) regions, and in Tashkent city (20.5%).

During the reporting period, 66,870 new business entities were established. The regions with the highest number of registered enterprises were Khorezm (5,940), Tashkent (5,834), Samarkand (5,566), and Fergana (5,267) regions, as well as Tashkent city (14,119).

The volume of transactions on the Uzbek Republican Commodity and Raw Materials Exchange increased by 22.7%. Significant growth in exchange activity was observed in Khorezm (66.7%), Surkhandarya (57.8%), Syrdarya (51.2%), Bukhara (47.1%), and Jizzakh (41.7%) regions, as well as in the Republic of Karakalpakstan (67.9%).

The increase in exchange transactions is linked to the active sale of goods such as cotton fiber, petroleum products, building materials, cement, wheat, mineral fertilizers, seeds, and vegetable oil. This reflects the rise in activity among legal entities and growing incomes of the population, which further boosts business activity through increased consumer demand.