Uzbekistan:
Economy

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Other pages in this profile of Uzbekistan:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Uzbekistan is a dry, landlocked country of which 11% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world's second-largest cotton exporter and fifth largest producer; it relies heavily on cotton production as the major source of export earnings. Other major export earners include gold, natural gas, and oil. Following independence in September 1991, the government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. While aware of the need to improve the investment climate, the government still sponsors measures that often increase, not decrease, its control over business decisions. A sharp increase in the inequality of income distribution has hurt the lower ranks of society since independence. In 2003, the government accepted Article VIII obligations under the IMF, providing for full currency convertibility. However, strict currency controls and tightening of borders have lessened the effects of convertibility and have also led to some shortages that have further stifled economic activity. The Central Bank often delays or restricts convertibility, especially for consumer goods. Potential investment by Russia and China in Uzbekistan's gas and oil industry may boost growth prospects. In November 2005, Russian President Vladimir PUTIN and Uzbekistan President KARIMOV signed an "alliance," which included provisions for economic and business cooperation. Russian businesses have shown increased interest in Uzbekistan, especially in mining, telecom, and oil and gas. In 2006, Uzbekistan took steps to rejoin the Collective Security Treaty Organization (CSTO) and the Eurasian Economic Community (EurASEC), both organizations dominated by Russia. Uzbek authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbek tax laws and have frozen their assets.
GDP (purchasing power parity)	Definition - World rank and map $64.15 billion (2007 est.)
GDP (official exchange rate)	Definition $22.31 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 9.5% (2007 est.)
GDP - per capita	Definition - World rank and map $2,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 29.4% industry: 33.1% services: 37.4% (2007 est.)
Labor force	Definition 14.6 million (2007 est.)
Labor force - by occupation	Definition agriculture: 44% industry: 20% services: 36% (1995)
Unemployment rate	Definition - World rank and map 0.8% officially by the Ministry of Labor, plus another 20% underemployed (2007 est.)
Population below poverty line	Definition 33% (2004 est.)
Household income or consumption by percentage share	Definition lowest 10%: 2.8% highest 10%: 29.6% (2003)
Distribution of family income - Gini index	Definition - World rank and map 36.8 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 12.3% officially, but 38% based on analysis of consumer prices (2007 est.)
Budget	Definition revenues: $6.478 billion expenditures: $6.501 billion (2007 est.)
Public debt	Definition - World rank and map 18.8% of GDP (2007 est.)
Agriculture - products	Definition cotton, vegetables, fruits, grain; livestock
Industries	Definition textiles, food processing, machine building, metallurgy, gold, petroleum, natural gas, chemicals
Industrial production growth rate	Definition - World rank and map 12.1% (2007 est.)
Electricity - production	Definition - World rank and map 49 billion kWh (2006 est.)
Electricity - consumption	Definition - World rank and map 47 billion kWh (2006 est.)
Electricity - consumption per capita	Definition - World rank and map 1,662.7 kWh (2006 est.)
Electricity - exports	Definition 6.8 billion kWh (2006)
Electricity - imports	Definition 10.5 billion kWh (2006 est.)
Oil - production	Definition - World rank and map 124,900 bbl/day (2005)
Oil - consumption	Definition - World rank and map 155,000 bbl/day (2005)
Oil - consumption per 1,000 people	Definition - World rank and map 5.5 bbl/day (2005)
Oil - exports	Definition - World rank and map 6,941 bbl/day (2004)
Oil - imports	Definition - World rank and map 11,230 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 594 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 62.5 billion cu m (2006 est.)
Natural gas - consumption	Definition - World rank and map 48.4 billion cu m (2006 est.)
Natural gas - consumption per capita	Definition - World rank and map 1,712 cu m (2006 est.)
Natural gas - exports	Definition - World rank and map 12.5 billion cu m (2006 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 1.798 trillion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $5.298 billion (2007 est.)
Exports	Definition - World rank and map $8.05 billion f.o.b. (2007 est.)
Exports - commodities	Definition cotton, gold, energy products, mineral fertilizers, ferrous and non-ferrous metals, textiles, food products, machinery, automobiles
Exports - partners	Definition Russia 24.8%, Poland 10.5%, Turkey 9.3%, Kazakhstan 6%, Hungary 5.9%, China 5.5%, Ukraine 4.7%, Bangladesh 4.4% (2006)
Imports	Definition - World rank and map $4.48 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, foodstuffs, chemicals, ferrous and non-ferrous metals
Imports - partners	Definition Russia 26.1%, South Korea 13.9%, China 13.6%, Germany 6.8%, Kazakhstan 6.7%, Ukraine 4.4%, Turkey 4.2% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $6.75 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $3.927 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $36.89 million (2005)
Economic aid - recipient	Definition $172.3 million from the US (2005)
Currency (code)	Definition soum (UZS)
Exchange rates	Definition Uzbekistani soum per US dollar - 1,263.8 (2007), 1,219.8 (2006), 1,020 (2005), 971.265 (2004), 771.029 (2003)
Fiscal year	Definition calendar year

Uzbekistan: Economy

Uzbekistan:
Economy