OREANDA-NEWS. February 09, 2011. Cabinet of Ministers of the Republic of Uzbekistan hosted a session to sum up socioeconomic development of the country in 2010 and consider the most important priorities of economic program for 2011. President of Uzbekistan Islam Karimov spoke at the meeting.

The head of our state noted that the gradual implementation in the country of the own model of economic development and chosen on its basis the principles of evolutional program of reforming and modernization of the economy allowed to reduce significantly the negative impact of the global financial-economic crisis on the economy, financial and banking system of Uzbekistan.

The gross domestic product (GDP) of Uzbekistan grew by 8.5% on results of 2010, volumes of industrial production – by 8.3%, agriculture – 6.8%, construction works – 8.1%, retail turnover – 14.7%, paid services – 13.4%. Along with the decrease of taxation burden on the economy, the country's state budget was performed with a 0.3% proficit to the GDP. The level of inflation did not exceed the forecasted indicator.

All possible support of exporter enterprises and diversification of exports structure, active work in the new foreign sales markets provided for the increase of the volumes of exports by 10.8% in 2010 and considerable size of positive foreign trade balance, as well as growth of gold and currency reserves of the country.

The measures taken on the increase of banks' capitalization ensured the level of capital adequacy of the country's banking system, which 3 times exceeds the generally accepted international standards. Credit investments of banks in the real sector of economy rose by 35%, while the share of long-term investment credits in the total volume of credit portfolio exceeded 75%. The volume of credits allocated to small businesses went up 1.4 times in 2010.

The measures on stimulation of small business and private entrepreneurship development provided for the increase of its share in the country's GDP to 52.5% in the reporting period against 50.1% in 2009.