Flag of Uzbekistan

Uzbekistan Economy Profile 2016

Home > Factbook > Countries > Uzbekistan

Economy - overviewUzbekistan is a landlocked country with more than 60% of the population living in densely populated rural communities. Since its independence in September 1991, the government maintained its Soviet-style command economy with subsidies and tight controls on production and prices. Despite ongoing efforts to diversify crops, Uzbekistani agriculture remains largely centered on cotton; Uzbekistan is the world's fifth largest cotton exporter and sixth 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 2015, Russia’s Gazprom announced it would reduce its natural gas imports from Uzbekistan but Tashkent continues to export natural gas to China and Chinese investments in the country have substantially increased.

While aware of the need to improve the investment climate, the government continues to intervene in the business sector and has not addressed the impediments to foreign investment in the country. In the past, Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani laws and have frozen and seized their assets. At the same time, the Uzbekistani 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. 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 currency shortage.
GDP (purchasing power parity)$187.9 billion (2015 est.)
$174 billion (2014 est.)
$161 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$65.68 billion (2015 est.)
GDP - real growth rate8% (2015 est.)
8.1% (2014 est.)
8% (2013 est.)
GDP - per capita (PPP)$6,100 (2015 est.)
$5,700 (2014 est.)
$5,300 (2013 est.)
note: data are in 2015 US dollars
Gross national saving30.8% of GDP (2015 est.)
31.6% of GDP (2014 est.)
33.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 57.8%
government consumption: 17.3%
investment in fixed capital: 25.4%
investment in inventories: -0.1%
exports of goods and services: 31.5%
imports of goods and services: -31.9% (2015 est.)
GDP - composition by sectoragriculture: 18.8%
industry: 33.7%
services: 47.5% (2015 est.)
Population below poverty line17% (2011 est.)
Labor force17.54 million (2015 est.)
Labor force - by occupationagriculture: 25.9%
industry: 13.2%
services: 60.9% (2012 est.)
Unemployment rate4.8% (2015 est.)
4.8% (2014 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: $18.74 billion
expenditures: $19.69 billion (2015 est.)
Taxes and other revenues28.4% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-1.4% of GDP (2015 est.)
Public debt8.3% of GDP (2015 est.)
7.1% of GDP (2014 est.)
Inflation rate (consumer prices)8.5% (2015 est.)
9.1% (2014 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012
Commercial bank prime lending rate12.44% (31 December 2013 est.)
11.2% (31 December 2012 est.)
Stock of narrow money$8.504 billion (31 December 2015 est.)
$7.606 billion (31 December 2014 est.)
Stock of broad money$16.56 billion (31 December 2015 est.)
$15.59 billion (31 December 2014 est.)
Stock of domestic credit$13.21 billion (31 December 2015 est.)
$13.09 billion (31 December 2014 est.)
Market value of publicly traded shares$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 rate4% (2015 est.)
Current Account Balance-$7 million (2015 est.)
$454 million (2014 est.)
Exports$13.53 billion (2015 est.)
$13.31 billion (2014 est.)
Exports - commoditiesenergy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery, automobiles
Exports - partnersSwitzerland 25.8%, China 17.6%, Kazakhstan 14.2%, Turkey 9.9%, Russia 8.4%, Bangladesh 6.9% (2015)
Imports$13.5 billion (2015 est.)
$12.92 billion (2014 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Imports - partnersChina 20.8%, Russia 20.8%, South Korea 12%, Kazakhstan 10.8%, Turkey 4.6%, Germany 4.4% (2015)
Reserves of foreign exchange and gold$15 billion (31 December 2015 est.)
$17.8 billion (31 December 2014 est.)
Debt - external$10.19 billion (31 December 2014 est.)
$10.6 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesUzbekistani soum (UZS) per US dollar -
2,565.8 (2015 est.)
2,311.4 (2014 est.)
2,311.4 (2013 est.)
1,890.1 (2012 est.)
1,715.8 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

Economy Comparison