Uzbekistan expects 7.8% GDP growth in 2017

On 28 October 2016, MPs of the Legislative Chamber of Oliy Majlis of Uzbekistan passed the state budget of Uzbekistan and budgets of the state funds, as well as main directions of tax and budget policy for 2017.

Uzbekistan expects that the growth of industrial output will make up 6.9% in 2016, agriculture production – 6.2% and capital investments – 9.6%.

It is planned to cut tax burden to economy from 20.2% in 2016 to 18.9% to the GDP. It is also planned to extend some preferences, which will allow businesses to save about 500 billion soums.

The expenses for maintaining cultural institutions and holding sport events will increase by 16.7% in 2017.

About 25.8 billion soums will be directed to restoration and conservation of cultural and architectural objects in 2017.

Funds allocated to social sphere and social support of population will grow from 59.5% of total state budget expanses in 2016 to 59.7% in 2017.

The volume of expenses directed to support low income families and payment of social allowances to families with children will reach over 2.6 trillion soums, which four times higher than in 2008.