Uzbekistan’s GDP grew by 8.1%

Speaking to the ministers, President Islam Karimov said the country managed not only to withstand the challenges of the global crisis, but ensure stable economic and social growth, thanks to a proper modernization strategy and mobilization of efforts to implement the 2009-2012 Anti-Crisis Program.

Macroeconomic stability and stable economic growth rates are a proof of the correctness of the economic course chosen by Uzbekistan, the president noted.

In 2009, the GDP of Uzbekistan increased by 8.1 percent, industrial production by 9 percent, agricultural production by 5.7 percent, retail trade turnover by 16.6 percent and paid services by 12.9 percent.

The state budget was implemented with a surplus without spending cuts, while the inflation level at 7.4 percent did not exceed forecasts, Karimov said.

The measures to strengthen the banking and financial sector have allowed to double the cumulative capital of the banks in the past two years, while the share of bank credits used for investment purposes has reached 70 percent.

The country has implemented a complex of measures to ensure financial stability, mainly through modernization of production, cost cuts, expansion of cooperative ties among local companies and stimulating internal demand. The volume of localized production increased 2.3 times last year, with the launch of more than 120 new products, while the export volumes increased by 2.4 percent; Kazinform cites the Arab News.

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