Thursday, 21, November, 2024

Economy

Today, the president Shavkat Mirziyoyev inspected the development of the Yoshlik-1 deposit in Almalyk and the third copper processing plant being built on its base, the presidential press service said.

The Tax Committee has published the list of the top 10 state-owned enterprises and private companies that paid the most taxes in January-September 2024.

Uzbekistan’s official reserve assets as of October 1 reached US$ 41.14 billion (+5%), having increased by 1.98 billion in September, according to the Central Bank. This is another historic high for the entire period of statistics since 2013.

“Economic performance remains strong. Real GDP grew by 6.4 percent year-over-year (y/y) in the first half of 2024. Reflecting needed increases in administered energy prices in early May, headline CPI inflation rose from 8 percent y/y at end-April to about 10.5 percent in recent months.

Office of the company for the China-Kyrgyzstan-Uzbekistan railway project has opened in Bishkek, the press service of the Kyrgyz Cabinet of Ministers said.

For the first half of 2024, the net profit of the Navoi Mining and Metallurgical Plant reached $882 million, the company said in its unaudited IFRS report.

On September 13, the Cabinet of Ministers issued a resolution on measures to provide financial support to producers of raw cotton.

The BOD of the Central Bank decided to keep the interest rate unchanged at 13.5% at its meeting today with an aim to cut inflation to the projected levels by the end of the year and achieve the 5% target in the medium term, the press service of the Central Bank reported.

The presidential signed the Creating of National Investment Fund of the Republic of Uzbekistan Decree. The following have been defined as the main goals of the Fund:

In the first seven months of 2024, Uzbekistan's international trade topped $36.8 billion, which is by $1.86 billion, or 5.3%, more than in the same period of 2023, the Statistics Agency said in a report.

The Statistics Agency, together with the World Bank mission, re-estimated the size of the Uzbekistan’s gross domestic product with the shadow economy.

In the first half of 2024, the total income of Uzbeks reached 399.2 trillion soums, the Agency of Statistics said in a report. In nominal terms, the growth was at 18.4%, and the real growth rate (minus inflation) was 8.6%. In January-June last year, these figures were 18.3% and 6.5%, respectively.

48.4 billion soums, or 4 million USD, in tax were paid by 60 foreign technology companies in Uzbekistan in January-June 2024. This is 1.5 times more than to the same period last year, the Tax Committee reported.

In January-July of this year, the average monthly gross salary in Uzbekistan reached 5,092 thousand soums, or 400 USD. This figure was 4,337 thousand soums in the same time of 2023, the Statistics Agency said in a report.

The volume of money remittances to Uzbekistan increased by 25% in January-June 2024, the governor of the Central Bank Mamarizo Nurmuratov said this at a press conference today.

In January-April, Uzbekistan imported $809.5 million worth of gas, the Statistics Agency said in a report. This is 4 times more (in value terms) than in the first half of 2023, when deliveries stood at $200 million.

According to EastFruit analysts, the watermelon market in Uzbekistan and Central Asia is currently facing significant challenges. Producers are reporting a lack of demand, leading many to leave their watermelons unharvested in the fields. Some have resorted to harvesting watermelons solely to feed them to livestock.

Acting Deputy Minister of Investments, Industry and Trade, Shahrukh Ghulomov met with the Deputy Permanent Secretary of the Thai Ministry of Foreign Affairs, Busadi Santipitaks.

The Statistics Agency unveiled information on Uzbekistan international trade in January-June 2024. Reportedly, the country's foreign trade turnover reached 31.8 billion dollars. The exports stood at 13 billion dollars, while the imports reached 18.8 billion dollars. Compared to the same period last year, the export increased by 5.5%, and the imports increased by 10.6%, with the trade deficit at 5.8 billion dollars.

Government’s 96% stake in Andijan Biochemical Plant was sold to Jasmine Gold Group for 101.3 billion soums, or 8 million USD, the State Asset Management Agency said.