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Finance 24/09/2009 Leasing operations’ share in GDP of Uzbekistan reaches 1.1%
Leasing operations’ share in GDP of Uzbekistan reaches 1.1%
Tashkent, Uzbekistan (UzDaily.com) -- Share of leasing operations in the gross domestic product (GDP) of Uzbekistan grew from 0.36% in 2004 to 1.1% in the first half of 2009, according to Uzbek Leasing International.

The volume of leasing operations made up 200 billion soums in January-June 2009, which is equal to total volume of portfolio in 2007.

Uzbek Leasing International said the leasing of vehicle grew 10 times in last four years and reached US$46 million in 2008.

Leasing of agriculture equipment dominates. The volume of leasing operation with agriculture equipment made up US$101.1 million in 2008 against US$61.1 million in 2007. Its share made up 38%. Pakhta Leasing, Uzselhozmashleasing, Mikrocreditbank and Khalq Bank were leaders on leasing of agriculture equipment.

Leasing activity in light industry rose three times within 2005-2008. Leasing of food producing equipment grew almost twice and leasing of real estates rose five times (from US$2.4 million to US$36.2 million).

Commercial banks are actively participating in leasing sector. The share of commercial banks in total volume of leasing deals reached 35.5%.

According to experts, currently about 20% of potential of leasing companies are used.

About 64 organizations carried out leasing operations in Uzbekistan in 2008 compared to 49 in 2007. Sixty one of 64 lessors were active, of which 29 leasing companies, 20 banks and 12 companies, in which leasing is not primary activity.

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