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Uzbekistan Economy Profile 2019

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Economy - overview

Uzbekistan 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.

Recently, lower global commodity prices and economic slowdowns in neighboring Russia and China have hurt Uzbekistan's trade and investment and worsened its foreign currency shortage. 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 and election of President Shavkat MIRZIYOYEV, emphasis on such initiatives and government efforts to improve the private sector have increased. In the past, Uzbek authorities accused US and other foreign companies operating in Uzbekistan of violating Uzbek laws and have frozen and seized their assets.

As a part of its economic reform efforts, the Uzbek Government is looking to expand opportunities for small and medium enterprises and prioritizes increasing foreign direct investment. In September 2017, the government devalued the official currency rate by almost 50% and announced the loosening of currency restrictions to eliminate the currency black market, increase access to hard currency, and boost investment.

GDP (purchasing power parity)
$223 billion (2017 est.)
$211.8 billion (2016 est.)
$196.5 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$48.83 billion (2017 est.)
GDP - real growth rate
5.3% (2017 est.)
7.8% (2016 est.)
7.9% (2015 est.)
GDP - per capita (PPP)
$6,900 (2017 est.)
$6,700 (2016 est.)
$6,300 (2015 est.)

note: data are in 2017 dollars

Gross national saving
32.7% of GDP (2017 est.)
25.4% of GDP (2016 est.)
27.6% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 59.5% (2017 est.)
government consumption: 16.3% (2017 est.)
investment in fixed capital: 25.3% (2017 est.)
investment in inventories: 3% (2017 est.)
exports of goods and services: 19% (2017 est.)
imports of goods and services: -20% (2017 est.)
GDP - composition by sector
agriculture: 17.9% (2017 est.)
industry: 33.7% (2017 est.)
services: 48.5% (2017 est.)
Population below poverty line
14% (2016 est.)
Labor force
18.12 million (2017 est.)
Labor force - by occupation
agriculture: 25.9%
industry: 13.2%
services: 60.9% (2012 est.)
Unemployment rate
5% (2017 est.)
5.1% (2016 est.)

note: official data; another 20% are underemployed

Household income or consumption by percentage share
lowest 10%: 2.8%
highest 10%: 29.6% (2003)
Distribution of family income - Gini index
36.8 (2003)
44.7 (1998)
Budget
revenues: 15.22 billion (2017 est.)
expenditures: 15.08 billion (2017 est.)
Taxes and other revenues
31.2% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
0.3% (of GDP) (2017 est.)
Public debt
24.3% of GDP (2017 est.)
10.5% of GDP (2016 est.)
Inflation rate (consumer prices)
12.5% (2017 est.)
8% (2016 est.)

note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012

Central bank discount rate
9% (2016)
9% (2015)
Commercial bank prime lending rate
16% (31 December 2016 est.)
11.2% (31 December 2012 est.)
Stock of narrow money
$4.173 billion (31 December 2017 est.)
$7.729 billion (31 December 2016 est.)
Stock of broad money
$4.173 billion (31 December 2017 est.)
$7.729 billion (31 December 2016 est.)
Stock of domestic credit
$5.558 billion (31 December 2017 est.)
$11.63 billion (31 December 2016 est.)
Market value of publicly traded shares
$NA (31 December 2012)
$715.3 million (31 December 2006)
Agriculture - products
cotton, vegetables, fruits, grain; livestock
Industries
textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals
Industrial production growth rate
4.5% (2017 est.)
Current Account Balance
$1.713 billion (2017 est.)
$384 million (2016 est.)
Exports
$11.48 billion (2017 est.)
$11.2 billion (2016 est.)
Exports - commodities
energy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery, automobiles
Exports - partners
Switzerland 38.7%, China 15.5%, Russia 10.7%, Turkey 8.6%, Kazakhstan 7.7%, Afghanistan 4.7% (2017)
Imports
$11.42 billion (2017 est.)
$10.92 billion (2016 est.)
Imports - commodities
machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Imports - partners
China 23.7%, Russia 22.5%, Kazakhstan 10.7%, South Korea 9.8%, Turkey 5.8%, Germany 5.6% (2017)
Reserves of foreign exchange and gold
$16 billion (31 December 2017 est.)
$14 billion (31 December 2016 est.)
Debt - external
$16.9 billion (31 December 2017 est.)
$16.76 billion (31 December 2016 est.)
Stock of direct foreign investment - at home

NA

Stock of direct foreign investment - abroad

NA

Exchange rates
Uzbekistani soum (UZS) per US dollar -
3,906.1 (2017 est.)
2,966.6 (2016 est.)
2,966.6 (2015 est.)
2,569.6 (2014 est.)
2,311.4 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019

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