First Deputy Prime Minister and Minister of Finance of Uzbekistan Rustam Azimov presented a report to the MPs, information service of the Legislative Chamber said.

At the session, it was noted that despite negative trends in world economy, Uzbekistan recorded high sustainable growth rate and macroeconomic balanced economy in the result adopted measures.

It was said that Uzbekistan’s gross domestic product rose by 8.2%, industrial output – 7.7%, agriculture production – 7%, and retail trade – 13.9%.

Uzbekistan increased exports by 11.6% in 2012 due to implementation of measures on improving competitiveness of exporters, diversification of export structure and entering new markets. The gold and currency reserves also grew.

Active investment policy was directed at modernizing and re-equipping enterprises, as well as creating new capacities, providing drinking water to rural areas and protecting environment, etc.

Uzbekistan completed implementation of 205 large investment projects. Income base of the budget was strengthened due to effective use of investments and implementation of the localization programme. The receipts from VAT tax rose by 17.2%, which is one of important results of policy on diversification and modernization of economy.

The session said that the Government of Uzbekistan focused on increasing income of population and their well-being. In 2012, the salaries of employees of the budget organizations, pensions, allowances and stipends grew by 26.5%.

It was said that the State Budget for 2012 was implemented in line with approved parameters and its surplus was 0.4% to GDP. Inflation level did not exceed approved figures.

The session underlined that Uzbekistan paid attention to financing social sphere, including developing education, healthcare and supporting of population.

After Rustam Azimov presented the report, MPs held discussion of the state budget. In particular, it was said that decrease of single tax for industrial enterprises from 6% to 5% helped to speed up development of the industry and their income rose by about 100 billion soums.

Share of small business and private entrepreneurship in the GDP rose from 54% in 2011 to 54.6% in 2012. Income to budget from their activities rose by 22.5% and some 485,000 new jobs were created.

Capital investments made up over US$11.7 billion in 2012, which rose by 14%year-on-year. Share of investments in the GDP reached 22.9%. Foreign investments for US$2.5 billion were attracted to real sector of economy, of which 79% were direct investments.

The session said that Uzbekistan created about 1 million new jobs, of which 62% were created in rural areas. Some 218,000 news out-work jobs were created. About 450,000 college graduates were employed in 2012.

It was noted that about 60% of expenses of the state budget were directed to social sector, including to finance activities of education, healthcare, science and other sectors. People with need for social support received 86.9 billion soums.

MPs underlined that Uzbekistan produced import-replacing goods for US$4.6 billion and it helped to increase currency reserves and strengthen economic independence.

Healthcare sector received 3.035 trillion soums or 24.6% of expenses for social sector, MPs underlined. Another 255 billion soums were directed to reconstruction of 151 medical institutions.

Uzbekistan allocated 83.5 billion soums from the State Budget of Uzbekistan to protection of environment in 2012.

At the same time, some 110 billion soums were directed to provide water to population in rural areas in 2012.

After the discussions, the MPs approved the report on execution of the State Budget of Uzbekistan for 2012.