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News: February 2007

UZBEKISTAN’S GDP GROWS 7.3% IN 2006 – PRESIDENT AT CABINET SESSION

Cabinet of Ministers of Uzbekistan held a session on 12 February to sum up the results of the country’s socioeconomic development in 2006 and outline tasks for 2007. President Islam Karimov participated in the session with a report.

As a result of measures to deepen reforms and liberalize the economy, the country has been observing high economic growth rates and reduction of the inflation, as well as increase of the living standards, Islam Karimov said.

Uzbekistan’s GDP increased by 7.3%, industrial production by 10.8%, agricultural production by 6.2%, paid services by 19.3% and construction works by 12.8% last year, he noted.

Foreign investments in the country’s economy also increased, with more than half of them into modernization and technical re-equipment.

Foreign economic activities received a major boost, exports increased and foreign trade and payment balances strengthened, the head of the state said.

Reforms in agriculture are continuing, and farmers currently produce the major part of the agricultural products in Uzbekistan. Owing to systemic implementation of the complex programs, employment and the quality of living have increased.

The President outlined the following priorities of the country’s economic program for 2007:

-- ensuring stable and balanced economic growth;

-- further restructuring and renewal of the main sectors, including with FDI;

-- increasing salaries and the quality of living;

-- creating favorable climate for small business development;

-- strengthening private property;

-- deepening reforms in banking and financial sectors, as well as municipal services.

Source: UzA, 12.02.2007