Based on the operational data provided by the Central Bank, the Tax Committee, the Customs Committee, and the Republican Commodity Exchange (UzEx), CERR analysts monthly conduct a comprehensive analysis of business activity in all regions of the Republic of Uzbekistan.
An integrated approach allows analyzing entrepreneurial activity in various sectors of the economy at the regional level, assessing trends and patterns of business development, as well as identifying key factors affecting the economic dynamics of each region of the Republic.
According to the monitoring results, tax revenues in October showed a positive trend. They increased by 15.0% compared to the same period in 2023, which indicates the stability of the improvement in business activity. The analysis of the regional dynamics of tax revenues revealed the following trends. Surkhandarya region has the highest growth in tax revenues – 15.4%. Significant growth was also recorded in the Khorezm, Andijan and Samarkand regions by 12.1%, 11.2%, and 11.1%, respectively. The largest growth was registered in the Republic of Karakalpakstan, where it amounted to 18.9%, which indicates a significant expansion of entrepreneurship.
An analysis of the structure of tax revenues shows an increase in income tax by 18.2%, which indicates an increase in employment and income of the population. Property taxes increased by 38.9%, due to the acquisition of new real estate and an increase in its value. Land taxes also increased by 26.3%, which is the result of the inclusion of new lands in economic turnover.
Receipts for customs payments increased by 10.4%. These positive changes indicate the constant intensification of foreign economic activity in the country. The largest increase in customs revenues was registered in Kashkadarya region, where it exceeded 120%. Also, a significant increase was observed in the Syrdarya region – more than 60%. In Bukhara and Jizzakh regions, the growth was about 50%. Moderate growth was recorded in Navoi (by 27.2%) and Khorezm (by 26.1%) regions.
The increase in customs revenues is due to an increase in the volume of imports of products in a number of key commodity areas. Significant positive changes are observed in the categories of metals and metal products, electrical equipment and its components, food products, oil and petroleum products, pharmaceutical products, as well as natural gas.
Exports of goods have been showing good results since the beginning of the year, increasing by 8.6% compared to the same period last year. The gradual improvement of export indicators indicates the strengthening of the positions of domestic producers in foreign markets.
Significant export growth was observed in Navoi (by 49.1%), Khorezm (by 38.1%), Kashkadarya (by 26.9%), Surkhandarya (by 23.1%), Ferghana (by 22.7%), Jizzakh (by 16.4%) regions and in the Republic of Karakalpakstan (by 16.4%).
The volume of loans issued by commercial banks increased by 10.2% during the analyzed period. The largest increase in lending was recorded in Tashkent (by 15.9%), Kashkadarya (by 13.9), Ferghana (by 10.4%), Surkhandarya (by 4.3%) regions, in the Republic of Karakalpakstan (by 5.6%) and in Tashkent (by 20.5%).
The growth in lending by commercial banks indicates a gradual improvement in the investment environment and the activity of business structures.
During the analyzed period, 66,870 new business entities were created, the largest number of which were registered in Khorezm (5,940), Tashkent (5,834), Samarkand (5,566), Ferghana (5,267), Bukhara (4,377) regions, the Republic of Karakalpakstan (2,679) and Tashkent (14,119).
The volume of transactions on the UzEx increased by 22.7% during the analyzed period. Significant growth in stock exchange activity was recorded in Khorezm (by 66.7%), Surkhandarya (by 57.8%), Syrdarya (by 51.2%), Bukhara (by 47.1%), Jizzakh (by 41.7%), Kashkadarya (by 35.1%), Andijan (by 31.9%), Namangan (by 24.0%), Samarkand (by 19.5%) regions and in the Republic of Karakalpakstan (by 67.9%).
The growth in the volume of transactions in these regions is ensured by increasing the sale of goods such as cotton fiber, petroleum products, building materials, cement, wheat, mineral fertilizers, seeds, vegetable oil, etc. The increase in the volume of transactions on the stock exchange indicates an increase in the activity of legal entities and an increase in the income of individuals, which, in turn, contributes to an increase in business activity through demand factors.
Sultonmurod Ozodov, CERR
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