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Uzbekistan Economy




Uzbekistan    Economy Top of Page
Economy - overview: Uzbekistan is a dry, landlocked country of which 10% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world's third largest cotton exporter, a large producer of gold and oil, and a regionally significant producer of chemicals and machinery. Following independence in December 1991, the government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. Faced with high rates of inflation, however, the government began to reform in mid-1994, by introducing tighter monetary policies, expanding privatization, slightly reducing the role of the state in the economy, and improving the environment for foreign investors. The state continues to be a dominating influence in the economy and has so far failed to bring about much-needed structural changes. The IMF suspended Uzbekistan's $185 million standby arrangement in late 1996 because of governmental steps that made impossible fulfillment of Fund conditions. Uzbekistan has responded to the negative external conditions generated by the Asian and Russian financial crises by tightening export and currency controls within its already largely closed economy. Economic policies that have repelled foreign investment are a major factor in the economy's stagnation. A growing debt burden, persistent inflation, and a poor business climate led to stagnant growth in 2000, with little improvement predicted for 2001.
GDP: purchasing power parity - $60 billion (2000 est.)
GDP - real growth rate: 2.1% (2000 est.)
GDP - per capita: purchasing power parity - $2,400 (2000 est.)
GDP - composition by sector: agriculture:  28%

industry:  21%

services:  51% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  3.1%

highest 10%:  25.2% (1993)
Inflation rate (consumer prices): 40% (2000 est.)
Labor force: 11.9 million (1998 est.)
Labor force - by occupation: agriculture 44%, industry 20%, services 36% (1995)
Unemployment rate: 10% plus another 20% underemployed (1999 est.)
Budget: revenues:  $4 billion

expenditures:  $4.1 billion, including capital expenditures of $NA (1999 est.)
Industries: textiles, food processing, machine building, metallurgy, natural gas, chemicals
Industrial production growth rate: 6.4% (2000 est.)
Electricity - production: 42.876 billion kWh (1999)
Electricity - production by source: fossil fuel:  86.4%

hydro:  13.6%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 43.455 billion kWh (1999)
Electricity - exports: 3.92 billion kWh (1999)
Electricity - imports: 7.5 billion kWh (1999)
Agriculture - products: cotton, vegetables, fruits, grain; livestock
Exports: $2.9 billion (f.o.b., 2000 est.)
Exports - commodities: cotton, gold, natural gas, mineral fertilizers, ferrous metals, textiles, food products, automobiles
Exports - partners: Russia 13%, Switzerland 10%, UK 10%, Belgium 3%, Kazakhstan 4%, Tajikistan 4% (1999)
Imports: $2.6 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and equipment, chemicals, metals; foodstuffs
Imports - partners: Russia 14%, South Korea 14%, Germany 11%, US 8%, Turkey 4%, Kazakhstan 4% (1999)
Debt - external: $3.3 billion (1999 est.)
Economic aid - recipient: $276.6 million (1995)
Currency: Uzbekistani sum (UZS)
Currency code: UZS
Exchange rates: Uzbekistani sums per US dollar - 325.0 (January 2001), 141.4 (January 2000), 111.9 (February 1999), 110.95 (December 1998), 75.8 (September 1997), 41.1 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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