First Deputy Prime Minister and Finance Minister Rustam Azimov presented a report on execution of the state budget.

It was said the gross domestic product (GDP) grew by 8.3%, industrial output – 6.3%, agriculture production – 6.6%, construction works – 8.1%, retail trade turnover – 16.4%, paid services – 16.1%.

Support of exporters and diversification of export, as well as exports to new markets helped to increase export volume by 15.4%. Uzbekistan also achieved positive surplus of foreign trade balance and growth of gold and currency reserves.

In the result of active investment policy on modernization and re-equipment, development of habitation, construction of transport and communication infrastructure, the volume of investments grew by 11.2%. Some 1,006 new production capacities have been commissioned and implementation of 144 large investment projects was completed. Qishloq Qurilish Bank financed constriction of 7,400 houses on standard projects in rural areas.

The receipts on value added tax increased by 22% year-on-year due to rational use of investment and successful implementation of localization programme.

Measures on stimulating development of small and private business helped to increase their shares from 52.5% in 2010 to 54% in 2011. Real income of population grew by 23.1% in 2011.

It was underlined that the state budget will be executed with 0.4% surplus to the GDP, while inflation rate did not exceed forecasted figures.

In the first half of 2011, Uzbekistan’s economy grew by 7.5%, while industrial production grew by 6% and agriculture production – 6.1%, services – 12.6%. Retail trade turnover rose by 11%, paid services – 20.1% and total income of population – 26.2%. Budget was executed with 0.2% surplus to GDP.

The session was noted that the state budget paid attention to financing social sector, including education and healthcare, as well as social support of population.

Representatives of all factions of political parties and MPs Group of Ecologic Movement of Uzbekistan shared their view on implementation of the state budget.

After discussions, the Legislative Chamber approved reports on execution of the State Budget for 2011 and in the first quarter of 2012.