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Uzbekistan Economy Profile 2014

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Economy - overviewUzbekistan is a dry, landlocked country; 11% of the land is intensely cultivated, in irrigated river valleys. More than 60% of the population lives in densely populated rural communities. Export of hydrocarbons, primarily natural gas, provides a significant share of foreign exchange earnings. Other major export earners include gold and cotton. Despite ongoing efforts to diversify crops, Uzbekistani agriculture remains largely centered around cotton, although production has dropped by 35% since 1991. Uzbekistan is now the world's fifth largest cotton exporter and sixth largest producer. The country is addressing international criticism for the use of child labor in its cotton harvest. 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. Uzbekistan's growth has been driven primarily by state-led investments and a favorable export environment. In the past Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani laws and have frozen and even seized their assets. At the same time, the Uzbekistani Government has actively courted several major US and international corporations, offering financing and tax advantages. A major US automaker opened a powertrain manufacturing facility in Tashkent in November 2011, but there have been no sizable US investments since then. Diminishing foreign investment and difficulties transporting goods across borders further challenge the economy of Uzbekistan.
GDP (purchasing power parity)$112.6 billion (2013 est.)
$105.2 billion (2012 est.)
$97.21 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$55.18 billion (2013 est.)
GDP - real growth rate7% (2013 est.)
8.2% (2012 est.)
8.3% (2011 est.)
GDP - per capita (PPP)$3,800 (2013 est.)
$3,600 (2012 est.)
$3,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by end usehousehold consumption: 55.7%
government consumption: 16.6%
investment in fixed capital: 23.5%
investment in inventories: 4.9%
exports of goods and services: 28%
imports of goods and services: -31.3%
(2011 est.)
GDP - composition by sectoragriculture: 19.1%
industry: 32.2%
services: 48.7% (2013 est.)
Population below poverty line17% (2011 est.)
Labor force16.99 million (2013 est.)
Labor force - by occupationagriculture: 25.9%
industry: 13.2%
services: 60.9% (2012 est.)
Unemployment rate4.9% (2013 est.)
4.9% (2012 est.)
note: official data, another 20% are underemployed
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 29.6% (2003)
Distribution of family income - Gini index36.8 (2003)
44.7 (1998)
Budgetrevenues: $17.84 billion
expenditures: $18.05 billion (2013 est.)
Taxes and other revenues32.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-0.4% of GDP (2013 est.)
Public debt7.6% of GDP (2013 est.)
6.2% of GDP (2012 est.)
Inflation rate (consumer prices)10.1% (2013 est.)
11.4% (2012 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012
Stock of narrow money$6.514 billion (31 December 2013 est.)
$5.994 billion (31 December 2012 est.)
Stock of broad money$10.88 billion (31 December 2013 est.)
$9.463 billion (31 December 2012 est.)
Stock of domestic credit$7.661 billion (31 December 2013 est.)
$7.244 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (31 December 2012)
$715.3 million (31 December 2006)
Agriculture - productscotton, vegetables, fruits, grain; livestock
Industriestextiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals
Industrial production growth rate7.1% (2013 est.)
Current Account Balance$1.801 billion (2013 est.)
$1.807 billion (2012 est.)
Exports$14.91 billion (2013 est.)
$14.38 billion (2012 est.)
Exports - commoditiesenergy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, food products, machinery, automobiles
Exports - partnersChina 21.2%, Kazakhstan 15.9%, Turkey 15.8%, Russia 14.7%, Bangladesh 9.5%, Kyrgyzstan 4% (2012)
Imports$12.64 billion (2013 est.)
$12.06 billion (2012 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Imports - partnersRussia 20.7%, China 16.6%, South Korea 16.4%, Kazakhstan 12.5%, Germany 4.6%, Turkey 4.2%, Ukraine 4% (2012)
Reserves of foreign exchange and gold$17 billion (31 December 2013 est.)
$16 billion (31 December 2012 est.)
Debt - external$8.773 billion (31 December 2013 est.)
$7.342 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesUzbekistani soum (UZS) per US dollar -
2,082.3 (2013 est.)
1,890.1 (2012 est.)
1,587.2 (2010 est.)
1,466.7 (2009)
1,317 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014