Uzbekistan expects 8% GDP growth in 2015

Islam Karimov said that the growth of GDP in 2015 expected at 8%, industrial output – 8.3%, and agriculture products – 6%.

Uzbekistan plans to increase production of consumer goods by 11.7%, including food products – 11% and non-food products – 12.1%. The service sector will grow by 15.6% and its share in GDP will grow to 54.5%, President Islam Karimov said.

Uzbek head said that expected inflation rate made up 5.5-6.5% in 2015, which is significantly lower than in 2014.

The volume of capital investments is expected at the level of over US$15.96 billion with the growth rate of 10.1% compared to 2014 and share in GDP – 23.1%. About 74.5% of investments will be used to construction of production capacities and 43.1% - purchase equipment. The volume of foreign direct investments will exceed US$3.5 billion and their share in total investments will be 22.1%. Share of FDI will grow by 11.2%, President Islam Karimov said.

He said that high economic growth will be supported by implementation of balanced and well-thought tax and monetary-credit policy directed at decreasing tax burden to economy and stimulating activities of business entities.

He said that base income tax is decrease to 7.5%. Single tax payment for construction enterprises will fell from 6% to 5%.