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EconomyEconomy - overview
Uzbekistan 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 about 40% of foreign exchange earnings in 2009. Other major export earners include gold and cotton. Uzbekistan is now the world's second-largest cotton exporter and fifth largest producer; it has come under increasing international criticism for the use of child labor in its annual cotton harvest. Uzbekistan enjoyed a bumper cotton crop in 2010 amidst record high prices, but is gradually diversifying away from cotton toward more high-value fruits and vegetables. 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. Uzbekistan has posted GDP growth of over 8% for the past several years, driven primarily by rising world prices for its main export commodities - natural gas, cotton and gold - and some industrial growth. In 2006, Uzbekistan took steps to rejoin the Collective Security Treaty Organization (CSTO) and the Eurasian Economic Community (EurASEC), which it subsequently left in 2008, both organizations dominated by Russia. 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 2010-11. 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) World Ranking: 72
$96.46 billion (2011 est.)
$89.07 billion (2010 est.) $82.09 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$45.35 billion (2011 est.)
Gdp - real growth rate World Ranking: 17
8.3% (2011 est.)
8.5% (2010 est.) 8.1% (2009 est.) Gdp - per capita (ppp) World Ranking: 168
$3,300 (2011 est.)
$3,100 (2010 est.) $2,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 21.9%
Industry 37.7% Services 40.3% (2011 est.) Labor force World Ranking: 37
16.11 million (2011 est.)
Labor force - by occupation
Agriculture 44%
Industry 20% Services 36% (1995) Unemployment rate World Ranking: 7
1% (2011 est.)
1.1% (2010 est.) Note Officially measured by the Ministry of Labor, plus another 20% underemployed Population below poverty line
26% (2008 est.)
Household income or consumption by percentage share
Lowest 10% 2.8%
Highest 10% 29.6% (2003) Distribution of family income - gini index World Ranking: 78
36.8 (2003)
44.7 (1998) Budget
Revenues $14.93 billion
Expenditures $14.77 billion (2011 est.) Taxes and other revenues World Ranking: 77
32.9% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 40
0.4% of GDP (2011 est.)
Public debt World Ranking: 133
8.4% of GDP (2011 est.)
8.5% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 204
13.5% (2011 est.)
9.4% (2010 est.) Note Official data; based on independent analysis of consumer prices, inflation reached 22% in 2011 Stock of narrow money World Ranking: 97
$5.073 billion (31 December 2011 est.) $4.321 billion (31 December 2010 est.) Stock of broad money World Ranking: 111
$8.31 billion (31 December 2011 est.) $7.197 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 107
$6.906 billion (31 December 2011 est.) $5.995 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 109
$NA (31 December 2010)
$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 World Ranking: 28
8% (2010 est.)
Electricity - production World Ranking: 50
47.42 billion kWh (2009 est.)
Electricity - consumption World Ranking: 53
40.1 billion kWh (2009 est.)
Electricity - exports
11.52 billion kWh (2009 est.)
Electricity - imports
11.44 billion kWh (2009 est.)
Oil - production World Ranking: 52
87,000 bbl/day (2010 est.)
Oil - consumption World Ranking: 74
104,000 bbl/day (2010 est.)
Oil - exports World Ranking: 110
2,078 bbl/day (2009 est.)
Oil - imports World Ranking: 141
9,013 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 47
594 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 15
59.1 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 17
45.5 billion cu m (2010 est.)
Natural gas - exports World Ranking: 18
15.2 billion cu m (2009 est.)
Natural gas - imports World Ranking: 140
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 19
1.841 trillion cu m (1 January 2011 est.) Current account balance World Ranking: 37
$3.36 billion (2011 est.)
$2.637 billion (2010 est.) Exports World Ranking: 83
$12.59 billion (2011 est.)
$11.08 billion (2010 est.) Exports - commodities
Energy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, food products, machinery, automobiles Exports - partners
Russia 20.9%, Turkey 17.1%, China 14.7%, Kazakhstan 10.3%, Bangladesh 8.7% (2011) Imports World Ranking: 102
$8.53 billion (2011 est.)
$7.48 billion (2010 est.) Imports - commodities
Machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals Imports - partners
Russia 21.4%, South Korea 19.1%, China 15.1%, Germany 7.4%, Kazakhstan 5.6% (2011) Reserves of foreign exchange and gold World Ranking: 66
$15 billion (31 December 2011 est.) $12.5 billion (31 December 2010 est.) Debt - external World Ranking: 99
$8.57 billion (31 December 2011 est.) $7.404 billion (31 December 2010 est.) Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
Uzbekistani soum (UZS) per US dollar - 1,714.1 (2011 est.)1,587.2 (2010 est.) 1,466.7 (2009) 1,317 (2008) 1,263.8 (2007) Fiscal year
Calendar year
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