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Uzbekistan Economy Profile 2017

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Economy - overviewUzbekistan is a doubly landlocked country in which 51% of the population lives in urban settlements; the agriculture-rich Fergana Valley, in which Uzbekistan’s eastern borders are situated, has been counted among the most densely populated parts of Central Asia. Since its independence in September 1991, the government has largely maintained its Soviet-style command economy with subsidies and tight controls on production, prices, and access to foreign currency. Despite ongoing efforts to diversify crops, Uzbek agriculture remains largely centered on cotton; Uzbekistan is the world's fifth-largest cotton exporter and seventh-largest producer. Uzbekistan's growth has been driven primarily by state-led investments, and export of natural gas, gold, and cotton provides a significant share of foreign exchange earnings. In early 2016, Russia’s Gazprom announced it planned to increase purchases of Uzbek gas.

Aware of the need to improve the investment climate, the government is taking incremental steps to reform the business sector and address impediments to foreign investment in the country. Since the death of first President Islam KARIMOV, rhetorical emphasis on such initiatives and ostensible government efforts to seek input from the private sector have increased. In the past, Uzbek authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbek laws and have frozen and seized their assets. At the same time, the Uzbek Government has actively courted several major US and international corporations, offering financing and tax advantages.

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, and the government has lately raised the issue of currency reform in a number of official decrees and proclamations. Recently, lower global commodity prices and economic slowdown in neighboring Russia and China have been hurting Uzbekistan's trade and investment and worsening its problem of foreign currency shortage.
GDP (purchasing power parity)$202.3 billion (2016 est.)
$190.8 billion (2015 est.)
$176.7 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$67.22 billion (2016 est.)
GDP - real growth rate6% (2016 est.)
8% (2015 est.)
8.1% (2014 est.)
GDP - per capita (PPP)$6,500 (2016 est.)
$6,200 (2015 est.)
$5,800 (2014 est.)
note: data are in 2016 dollars
Gross national saving30.9% of GDP (2016 est.)
31% of GDP (2015 est.)
31.6% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 55.3%
government consumption: 17.2%
investment in fixed capital: 24.4%
investment in inventories: 3%
exports of goods and services: 28.6%
imports of goods and services: -28.5% (2016 est.)
GDP - composition by sectoragriculture: 16.6%
industry: 32.9%
services: 49.5% (2016 est.)
Population below poverty line14% (2016 est.)
Labor force18.1 million (2017 est.)
Labor force - by occupationagriculture: 25.9%
industry: 13.2%
services: 60.9% (2012 est.)
Unemployment rate5.2% (2016 est.)
5.2% (2015 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: $13.84 billion
expenditures: $13.8 billion (2016 est.)
Taxes and other revenues20.6% of GDP (2016 est.)
Budget surplus (+) or deficit (-)0.1% of GDP (2016 est.)
Public debt11% of GDP (2015 est.)
8.7% of GDP (2014 est.)
Inflation rate (consumer prices)11.5% (2016 est.)
8.5% (2015 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012
Central bank discount rate9% (2016)
9% (2015)
Commercial bank prime lending rate16% (31 December 2016 est.)
11.2% (31 December 2012 est.)
Stock of narrow money$7.52 billion (31 December 2016 est.)
$7.162 billion (31 December 2015 est.)
Stock of broad money$18.15 billion (31 December 2016 est.)
$16.26 billion (31 December 2015 est.)
Stock of domestic credit$12.09 billion (31 December 2016 est.)
$11.78 billion (31 December 2015 est.)
Market value of publicly traded shares$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 rate6% (2016 est.)
Current Account Balance$907 million (2016 est.)
-$356 million (2015 est.)
Exports$12.57 billion (2016 est.)
$12.87 billion (2015 est.)
Exports - commoditiesenergy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery, automobiles
Exports - partnersSwitzerland 25.9%, China 17.6%, Kazakhstan 14.2%, Turkey 9.9%, Russia 8.4%, Bangladesh 6.9% (2015)
Imports$12.11 billion (2016 est.)
$12.42 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Imports - partnersChina 20.8%, Russia 20.8%, South Korea 11.9%, Kazakhstan 10.8%, Turkey 4.6%, Germany 4.4% (2015)
Reserves of foreign exchange and gold$14.5 billion (31 December 2016 est.)
$15 billion (31 December 2015 est.)
Debt - external$15.75 billion (31 December 2016 est.)
$13.92 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesUzbekistani soum (UZS) per US dollar -
2,963.7 (2016 est.)
2,569.6 (2015 est.)
2,569.6 (2014 est.)
2,311.4 (2013 est.)
1,890.1 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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