Finance Ministry of Uzbekistan predicts GDP growth at 5.5% in 2020

As stated in the draft state budget for 2020, Uzbekistan's GDP growth in the coming year will be 5.5%, inflation - about 13%.

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In 2021, the government expects economic growth of 5.8%, in 2022 - 6.2%.

State budget revenues for 2020 are planned in the amount of 128,460 billion soums (or 20% of GDP), which is 15,817.1 billion soums more than expected in 2019.

In assessing the expected revenues of the state budget in 2020, such factors as real economic growth, improved tax collection, cancellation of certain tax and customs benefits, as well as factors associated with the expected increase in prices and exchange rates were taken into account.

In 2020, state budget expenditures are expected to be around 131,104.5 billion soums, which is 23% more than the parameters approved for 2019.

Foreign trade in 2020 is anticipated at $46.9 billion, with a negative balance of $5.8 billion. The main factor behind the growing deficit will be an increase in imports of technological equipment and machinery.