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Uzbekistan Economy Profile 2013

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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, provided 18.5% of foreign exchange earnings in 2011 and 35.1% in the first nine months of 2012. 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 aggressively 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. According to official statistics, Uzbekistan has posted GDP growth of over 8% per year for several years, driven primarily by state-led investments and a favorable export environment. Growth may slip in 2013 as a result of lower export prices due to the continuing European recession. In the past Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani tax laws and have frozen their assets, with several new expropriations in 2012. At the same time, the Uzbekistani Government has actively courted several major US and international corporations, offering attractive financing and tax advantages, and has landed a significant US investment in the automotive industry, including the opening of a powertrain manufacturing facility in Tashkent in November 2011. Uzbekistan has seen few effects from the global economic downturn, primarily due to its relative isolation from the global financial markets.
GDP (purchasing power parity)$106.4 billion (2012 est.)
$98.54 billion (2011 est.)
$90.98 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$51.17 billion (2012 est.)
GDP - real growth rate8.2% (2012 est.)
8.3% (2011 est.)
8.5% (2010 est.)
GDP - per capita (PPP)$3,600 (2012 est.)
$3,400 (2011 est.)
$3,200 (2010 est.)
note: data are in 2012 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: 27.2%
imports of goods and services: -27.9%
(2011 est.)
GDP - composition by sectoragriculture: 18.5%
industry: 36.4%
services: 45.1% (2012 est.)
Population below poverty line17% (2011 est.)
Labor force16.74 million (2012 est.)
Labor force - by occupationagriculture: 25.9%
industry: 13.2%
services: 60.9% (2012 est.)
Unemployment rate4.8% (2012 est.)
5% (2011 est.)
note: officially measured by the Ministry of Labor, plus another 20% 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: $17.08 billion
expenditures: $16.86 billion (2012 est.)
Taxes and other revenues33.4% of GDP (2012 est.)
Budget surplus (+) or deficit (-)0.4% of GDP (2012 est.)
Public debt8.8% of GDP (2012 est.)
9.1% of GDP (2011 est.)
Inflation rate (consumer prices)12.7% (2012 est.)
12.8% (2011 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012
Stock of narrow money$5.841 billion (31 December 2012 est.)
$5.087 billion (31 December 2011 est.)
Stock of broad money$8.31 billion (31 December 2011 est.)
$7.197 billion (31 December 2010 est.)
Stock of domestic credit$7.064 billion (31 December 2012 est.)
$6.523 billion (31 December 2011 est.)
Market value of publicly traded shares$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 rate7.7% (2012 est.)
Current Account Balance$3.284 billion (2012 est.)
$4.52 billion (2011 est.)
Exports$16.65 billion (2012 est.)
$15.03 billion (2011 est.)
Exports - commoditiesenergy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, food products, machinery, automobiles
Exports - partnersChina 18.5%, Kazakhstan 14.6%, Turkey 13.8%, Russia 12.8%, Ukraine 12.5%, Bangladesh 8.9% (2012)
Imports$15.53 billion (2012 est.)
$10.5 billion (2011 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Imports - partnersRussia 20.6%, China 16.5%, South Korea 16.3%, Kazakhstan 12.8%, Germany 4.6%, Turkey 4.2% (2012)
Reserves of foreign exchange and gold$16 billion (31 December 2012 est.)
$15 billion (31 December 2011 est.)
Debt - external$8.072 billion (31 December 2012 est.)
$8.382 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesUzbekistani soum (UZS) per US dollar -
1,891.1 (2012 est.)
1,715.8 (2011 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 February 21, 2013