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NEWS

Uzbekistan approves 2016 state budget

en.trend.az
12 November 2015

The Legislative Chamber of Uzbekistan’s Oliy Majlis (parliament) has approved the state budget, the budgets of state trust funds, as well as the main vectors of the tax and budget policy for 2016, said the message from Uzbek parliament’s lower house.

The parameters of the state budget and the budgets of trust funds have been worked out by the government taking into account the planned GDP growth of 7.8 percent for 2016, industrial production - 8.2 percent, agricultural production - 6.1 percent, the volume of capital investments - 9.6 percent.

The budget deficit is expected to reach one percent of the forecasted GDP volume, the revenues of the state budget - 18.4 percent of GDP, expenditures - 19.4 percent of GDP.

The tax policy concept for 2016 envisages reducing the tax burden on economy from 20.7 percent in 2015 to 19.1 percent.

It is planned to spend 59.2 percent of the total volume budget expenditures on financing the social sphere, compared to 58.7 percent in 2015. Moreover, the expenditures on education is planned to account for 6.8 percent of GDP, health care system - 2.8 percent.

Furthermore, it is planned to increase the expenditures by 1.16 times on maintenance of cultural institutions and sports events and by 1.36 times - on science sphere.

The expenditures on economy are planned to account for 2.1 percent of GDP, while the centralized investments financed from the state budget will account for 1 percent of GDP.