Tashkent, Uzbekistan (UzDaily.com) -- Achieving stable economic growth is impossible without increased business activity and internal competition, which can increase the elasticity of supply in the domestic market.

To assess the economic situation in the country in the crisis conditions caused by the spread of the coronavirus pandemic around the world, specialists from the Center for Economic Research and Reforms (CERR) conduct monthly monitoring of the state of business activity at the regional and district levels.

Analysis of business activity in the context of the regions of the Republic of Uzbekistan is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the republic, according to the data of the State Customs Committee, State Oil Company, Central Bank and UzEX).

The monitoring results showed that the volume of tax revenues of the republic in the period from 1 to 30 April 2021 rose 2.1% over the same period last month. At the same time, a significant increase in tax revenues was noted in Navoi (by 17.2%), Bukhara (by 12.6%), Kashkadarya (by 11.8%), Andijan (by 10.4%), Khorezm (by 8, 2%), Ferghana (6.7%) regions, Tashkent city (12.6%) and the Republic of Karakalpakstan (8.7%).

The increase in tax revenues is a direct consequence of the recovery in business activity after the pandemic, and proves that the measures taken by the state to restore business and the economy were successful.

Receipts from customs payments for the analyzed period increased by 16.9%. The largest growth in the volume of receipts was noted in Jizzakh (2.5 times), Syrdarya (31.6%), Navoi (24.4%) regions, Tashkent city (39.8%) and the Republic of Karakalpakstan (by 28.4%).

Currently, the growth of domestic demand in the country is helping to strengthen the state budget. In addition, there are positive shifts in various sectors of the economy after the pandemic, thanks to which the foreign economic relations of Uzbekistan with other countries are dynamically developing. Consequently, an increase in foreign trade turnover and a recovery in domestic demand contributed to an increase in customs revenues.

To increase the volume of exports, and not only the production of export-oriented goods, it is important to interact with international economic organizations. After the easing of pandemic measures, trade relations have recovered again. In addition, at present, most of the import consists of machinery and equipment that are used to create and modernize production facilities, which in the long term will contribute to economic growth, including an increase in exports of finished products.

The volume of loans issued by commercial banks over the past month increased by 6.3%. The largest growth in the volume of issued loans is observed in Navoi (2.3 times), Syrdarya (47.4%), Samarkand (31.6%), Kashkadarya (23.2%), Ferghana (20.2%), Khorezm (10.3%) regions and the Republic of Karakalpakstan (4.2 times).

In turn, increased domestic demand and an improved business structure require an infusion of credit resources to meet demand. The growth in the volume of loans provided by banks indicates a gradual improvement in business activity in the country.

During this period, 9,150 new business entities were created, the largest number of which were registered in Kashkadarya (1,258), Samarkand (756), Tashkent (735) regions and in Tashkent (1,684).

The volume of transactions at the Uzbek Republican Commodity and Raw Materials Exchange for the analyzed period increased by 4.1%.

A significant increase in stock exchange activity is observed in Navoi (by 31.8%), Syrdarya (by 27.3%), Jizzakh (by 22.2%), Samarkand (by 17.5%) regions, in Tashkent (by 23 , 3%) and in the Republic of Karakalpakstan (by 28.7%).

The growth in the volume of transactions in these regions was ensured by an increase in the sale of such goods as cotton fiber, mineral fertilizers, diesel, cement, gasoline, technical cotton seeds, cathode copper, ferrous metals, sugar, polyethylene and vegetable oil. The increase in the volume of transactions on the exchange indicates an increase in the activity of legal entities, and an increase in the income of individuals, which contributes to an increase in business activity through demand factors.

It is noted that after the lifting of quarantine restrictions, economic activity is growing. This indicates that the decline in pandemic activity has been successfully reversed. In general, in the opinion of business entities, positive trends in the development of the economy will grow. Thus, the economic indicators show a stable pattern of economic recovery this year, despite the negative impacts caused by the pandemic.

In recent years, the set of instruments used as indicators of economic activity in Uzbekistan has expanded significantly, and work in this direction continues. Key macroeconomic indicators clearly demonstrate a robust positive recovery from the sharp economic lockdown caused by the pandemic.

The gradual economic recovery in 2021 is also evidenced by the results of a survey of enterprises to assess the state of the business climate in Uzbekistan, which is carried out monthly by CERR. The study reflects business sentiment across the country.