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Uzbek GDP growth projected at 8.4 percent

9 November 2011

ttp://www.trend.az - Uzbekistan's GDP growth is projected at 8.4 percent, industrial output at 9.3 percent, agriculture at 6.0 percent and capital investments at 7.9 percent in 2011, UzReport.com reported.

These figures were announced at the meeting of the Uzbek Parliamentary Legislative Chamber's Budget and Economic Reforms Committee on Nov. 8. The meeting addressed priority directions for tax and budget policy and the draft state budget for 2012.

Following the implementation of the proposed fiscal policy activities in 2012, the state budget revenues to the GDP ratio was 21.1 percent.

It is expected to reduce the single tax rate from six percent to five percent for businesses in the industry with the view to further support and promote the accelerated development of small businesses in 2012.

As a result of the activities provided in the tax policy concept for 2012, the tax burden on the economy will be reduced 0.7 percent compared to the previous year.

The meeting noted that the fiscal policy concept for 2012 mainly focuses on the further development of social services, targeted assistance to the population, as well as strengthening of social orientation of budget expenditures.

First, the implementation of measures to improve the consistent wage employees of the budget organizations, pensions, stipends and welfare payments, will further improve the welfare of the population.