State Committee on Statistics and Ministry of Economy of Uzbekistan issued statistic book “Main trends and figures of economic and social development of Uzbekistan in independence years (1990-2010) and forecasts for 2011-2015”.

According to the book, the industrial output of Uzbekistan grew tree times. In the reporting period, share of industry in the GDP rose from 17% to 24% and services – from 34% to 49%.

Uzbekistan created such new industries as automobile, petrochemical, pharmaceutical, modern food and textile sectors. The country also reformed agriculture sector and achieved wheat independence. The country’s total agriculture production increased 1.8 times. In the result, Uzbekistan ensured stable production of cotton, but achieved to cut its share in total agriculture output from 47.7% to 11%, while grain production jumped 3.7 times and meat – 1.9 times.

The book said that Uzbekistan created new financial-budget system. It carries out tax policy directed at decreasing tax burden and expanding freedom of entrepreneurs, creating powerful stimulus for development of economy, etc. In these years, the tax rates fell over 1.5-2 times, while expenses of state budget for social sphere and social welfare o population increased from 31.5% to 59%.

The book also shows that Uzbekistan created developed network of commercial banks and their capital and resources bases are increasing. The banks are also expending their investment activity and the growth of deposits is also ensures. Currently, over 75% of loans are long-term investment credits, directed at construction of new, modernization and technological update of the existing capacities. High financial sustainability of the Uzbek banks was affirmed by their stable ratings, which were assigned by international rating agencies.

The book said that important factor of economic development of the country became creation of favourable investment and holding of active investment policy, which allowed to increase the volume of annually attracted capital investments by 11.6 times and achieve quality change of their structure by sources and directions.

If over 46.3% of all investments were resources of the state budget in 1990, and in 2010 about 57.9% were resources of non-centralized sources and 29.1% were capital investments. At the same time, investments to production sphere grew from 58.3% to 73.5%.

During independence years, Uzbekistan commissioned large industrial objects as Bukhara oil processing plant, Shortan gas-chemical complex, Kungrad Soda Plant, Dehkanabad Potash Fertilizers Plant, Asaka and Samarkand car plans, over 20 enterprises with foreign investments on production of automobile spare parts, textile enterprises, etc.

In the reporting period, foreign trade turnover of Uzbekistan grew 27.1 times, while exports increased 29.5% and ratio of foreign trade turnover to GDP increased from 6% to 56.1%. Uzbekistan, which exported raw materials and imported ready goods, turned to exporter of ready products with high added cost and now imports mainly high technologic equipment for creation of new capacities and modernization of existing ones.

According to the book, actively developing small business, which produces over 52.5% of GDP of Uzbekistan, plays key role in dynamically developing economy of the country.

Real monetary income per capita grew 3.7 times, which was achieved due to fast growth of income from property and entrepreneurship activity, which make up 47% of total population income.

Growth of income helped to quality change of structure of consumer expenses of population. The growth of average consumption per capita of such products as meat, milk, vegetables, potatoes, fruits. The book said consumption of non-food products increased, especially purchase of home appliances, computers, cars, services. This helped to increase production of consumer goods and home appliances by 4.7 and 8.3 times respectively.

The book also provides information priority directions of economy and forecast of economic growth for 2011-2015.

It said that implementation of four important strategic programmes on developing industry, infrastructure and communal construction, reforming banking system with aggregate volume of investments for US$77.4 billion, which will help to increase Uzbekistan’s GDP by 1.5 times.

Active structural reforms of economy will help to increase share of industry in GDP from 24% to 28% due to development of energy, petrochemical, chemical, textile and light industry, non-ferrous metallurgy, automobile, pharmaceutical, etc.

The book added that reforms will help to liberalize and deepen economic reforms, gradually increase life standards and aggregate income of population, which will help Uzbekistan to claim deserved place in international community.