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Uzbekistan:
Economy

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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


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