OREANDA-NEWS  On 17 February was announced, that the Cabinet of Ministers of Uzbekistan held a session on 13 February to consider the results of the country’s socioeconomic development in 2008. President Islam Karimov participated in the session and made a report.

Last year, the country saw high and stable economic growth rates and macroeconomic stability, achieved thanks to consistent implementation of the socioeconomic development program, the head of the state said.

Positive results are seen in solving long-term tasks to cardinally diversify and modernize the economy, as well as increase the employment levels and improve the people’s well-being, Islam Karimov noted.

The country’s GDP increased by 9% last year, industrial production grew by 12.7%, agricultural production by 4.5%, construction works by 8.3% and service sector by 21.3%. The state budget was implemented with a surplus and the inflation rate was within the forecast.

The active investment policy allowed to increase the volume of investments in the main capital by 28.3%, including foreign direct investments and credits by 71.2%. The country managed to significantly reduce or completely stop dependence on imports of many types of industrial products.

The small business and private entrepreneurship continued showing dynamic growth, with the SME’s share in the country’s GDP reaching 48.2% and service sector approaching 45.3%.

The foreign trade continued to diversify, and foreign trade surplus increased 1.8 times last year.

The cumulative capital of the banks increased by 40% compared to 2007, while the population’s deposits in banks increased by 65.3%.

In the framework of the state program Year of Youth, measures to support the young people, create new workplaces, improve living conditions and increase the quality of education worth UZS 1.363 trillion were implemented.

In order to neutralize the consequences of the world financial crisis, the country has been implementing the special program, aimed at supporting the basic sectors, increasing the banks’ capitalization, developing industrial and social infrastructure and creation of new workplaces.