Tashkent, Uzbekistan (UzDaily.com) — At a recent plenary session of the Legislative Chamber of the Oliy Majlis, the report on the execution of the State Budget of the Republic of Uzbekistan and the budgets of state target funds for the first half of 2024 was discussed.

The report was presented by Jamshid Kuchkarov, Deputy Prime Minister of the Republic of Uzbekistan and Minister of Economy and Finance.

In his speech, Jamshid Kuchkarov highlighted that despite the challenging geopolitical situation, the implementation of large-scale reforms in Uzbekistan is contributing to the sustainable development of the economy.

In the first half of 2024, the country’s Gross Domestic Product (GDP) grew by 6.4%. Positive dynamics were observed across various sectors of the economy: market services increased by 12.9%, industrial production by 7.8%, construction works by 10.1%, and agricultural production by 3.8%.

Investment in fixed assets amounted to 229.3 trillion soums, a 36.6% increase compared to the same period last year. Real incomes of the population increased by 8.6%, surpassing the inflation rate of 5.2%, which is crucial for ensuring the well-being of citizens.

The country’s foreign trade turnover reached US$31.8 billion in the first half of 2024, an increase of US$2.6 billion compared to the previous year. This indicates an enhancement of economic ties with partners.

The number of active legal entities and individual entrepreneurs grew by 21,500, reaching 833,000. The number of taxpayers for corporate income tax and value-added tax increased by 26.6% compared to the same period last year.

State Budget revenues amounted to 121.0 trillion soums, up 18.3% compared to the first half of 2023. Budget expenditures were 149.8 trillion soums, an increase of 16.0% compared to the previous year. Of these expenditures, 49.5% were directed towards social services, a 14% increase compared to the same period last year.

In the first half of 2024, 14.2 trillion soums were returned to cover the negative difference in VAT, which is 3.4 trillion soums more than last year.

Lawmakers emphasized the importance of improving the executive discipline of state bodies and enhancing parliamentary control over budget execution.

As a result of the session, a decision was made regarding the report on budget execution for the first half of 2024.