Analysis of the activities of the Ministry of Economy and Finance for 2022 and priorities for 2023

The event was attended by Deputy Minister of Economy and Finance Dilshod Sultanov, Director of the Fiscal Policy Department of the Ministry Irodakhon Abbaskhanova, Director of the State Budget Department of the Ministry Sherzod Mukhamedov and Director of the Macroeconomic Policy Department of the Ministry Abdumalik Jalilov.

During the conference, the Ministry's specialists provided detailed information on the macroeconomic indicators of our country.

This year, in the context of global inflation observed in the world, the inflation rate in our country amounted to 12.3% per annum.

By the end of 2022, the growth rates of gross domestic product (GDP) – 5.7 percent, industrial products – 5.2 percent, construction works – 6.6 percent, agricultural products – 3.6 percent, market services – 15.9 percent, exports – 23.6 percent, retail turnover – 12.3 percent were achieved.

55.1% of GDP growth is accounted for by the services sector, 23.3% – by industry, 15.5% – by agriculture and 7.2% - by construction.

The volume of GDP per capita was 2,255 US dollars.

It is expected that in 2023 the country's GDP will grow by 5.3 percent, industrial products - by 5.1 percent, construction work – by 6 percent, agricultural products – by 3.5 percent, services – by 14.5 percent.

State budget revenues in 2022 amounted to 202 trillion soums (22.7 percent of GDP), an increase of 37.2 trillion soums, or 22.6 percent, compared to 2021.

In particular, the administrative revenues of the Tax Committee amounted to 148 trillion. soums (the share in state budget revenues is 73%), receipts from the Customs Committee amounted to 46.0 trillion soums (22.8%), other income and non-tax receipts - 7.6 trillion soums (3.8%).

Indirect taxes amounted to 72 trillion soums or 35% of the total amount of State budget revenues. This indicator increased by 15.1 trillion soums or 27% compared to 2021.

It is expected that in the 1st quarter of 2023, the execution of state budget revenues will amount to 48.5 trillion soums, an increase of 6.7 trillion soums, or 16%, compared to the corresponding period of 2022.

In 2022, subsidies totaling 855 billion soums were paid under the mortgage program.

Last year, 7.0 trillion soums of resources were allocated to commercial banks to provide mortgage loans to citizens.

During the 1st quarter of this year, 1.6 trillion soums of resources were allocated to commercial banks for the issuance of mortgage loans.

In 2023, it is planned to allocate 9 trillion soums and 1.1 trillion soums of mortgage loan subsidies for the issuance of mortgage loans to commercial banks. This will further increase the chances of the population to meet their housing needs.

State budget expenditures in the 1st quarter of 2023 amount to 62.2 trillion soums. Of these, 29.3 trillion soums will be allocated for social spending. In particular, 1.5 trillion soums of budget funds have been allocated for the 1st season of the Initiative Budget project, currently the process of “voting” for the 3rd stage of the project continues throughout the country.

In 2023, a total of 8 trillion soums is projected to be allocated to finance projects promoted directly by citizens (3.5 times more than in 2022).

Following the conference, media representatives, bloggers and journalists received detailed answers from responsible employees to their questions.

Source: Ministry of Economy and Finance of the Republic of Uzbekistan