Economy - overview:
Uzbekistan is a dry, landlocked country of which 11% 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 second-largest cotton exporter and fifth largest producer; it relies heavily on cotton production as the major source of export earnings. Other major export earners include gold, natural gas, and oil. 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 the obligations of Article VIII under the International Monetary Fund (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. Potential investment by Russia and China in Uzbekistan's gas and oil industry would increase economic growth prospects. In November 2005, Russian President Vladimir PUTIN and Uzbekistan President KARIMOV signed an "alliance" treaty, which included provisions for economic and business cooperation. Russian businesses have shown increased interest in Uzbekistan, especially in mining, telecom, and oil and gas. In December 2005, the Russians opened a "Trade House" to support and develop Russian-Uzbek business and economic ties.
GDP (purchasing power parity):
$53.01 billion (2005 est.)
GDP (official exchange rate):
$10.12 billion (2005 est.)
GDP - real growth rate:
7.2% (2005 est.)
GDP - per capita (PPP):
$2,000 (2005 est.)
GDP - composition by sector:
agriculture: 38%
industry: 26.3%
services: 35.7% (2003 est.)
Labor force:
14.26 million (2005 est.)
Labor force - by occupation:
agriculture: 44%
industry: 20%
services: 36% (1995)
Unemployment rate:
0.7% officially, plus another 20% underemployed (2005 est.)
Population below poverty line:
28% (2004 est.)
Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 22% (2000)
Distribution of family income - Gini index:
26.8 (2000)
Inflation rate (consumer prices):
8.8% (2005 est.)
Budget:
revenues: $2.815 billion
expenditures: $2.917 billion; including capital expenditures of $NA (2005 est.)
Public debt:
39% of GDP (2005 est.)
Agriculture - products:
cotton, vegetables, fruits, grain; livestock
Industries:
textiles, food processing, machine building, metallurgy, gold petroleum, natural gas, chemicals
Industrial production growth rate:
7.7% (2005 est.)
Electricity - production:
46.52 billion kWh (2003)
Electricity - consumption:
48.45 billion kWh (2003)
Electricity - exports:
5.36 billion kWh (2003)
Electricity - imports:
10.55 billion kWh (2003)
Oil - production:
152,000 bbl/day (2004)
Oil - consumption:
120,000 bbl/day (2004)
Oil - exports:
NA bbl/day
Oil - imports:
NA bbl/day
Oil - proved reserves:
600 million bbl (1 January 2005)
Natural gas - production:
55.8 billion cu m (2004)
Natural gas - consumption:
49.3 billion cu m (2004)
Natural gas - exports:
6.5 billion cu m (2004)
Natural gas - imports:
0 cu m (2004)
Natural gas - proved reserves:
1.875 trillion cu m (1 January 2005)
Current account balance:
$831.9 million (2005 est.)
Exports:
$5 billion f.o.b. (2005 est.)
Exports - commodities:
cotton 41.5%, gold 9.6%, energy products 9.6%, mineral fertilizers, ferrous metals, textiles, food products, automobiles (1998)
Exports - partners:
Russia 22%, China 14.7%, Turkey 6.4%, Tajikistan 6.1%, Kazakhstan 4.2%, Bangladesh 4% (2004)
Imports:
$3.8 billion f.o.b. (2005 est.)
Imports - commodities:
machinery and equipment 49.8%, foodstuffs 16.4%, chemicals, metals (1998)
Imports - partners:
Russia 26.8%, South Korea 12.6%, US 8%, Germany 7.7%, Kazakhstan 6.3%, China 5.8%, Turkey 5.1%, Ukraine 4.5% (2004)
Reserves of foreign exchange and gold:
$2.123 billion (2005 est.)
Debt - external:
$5.184 billion (2005 est.)
Economic aid - recipient:
$91.6 million from the US (2005)
Currency (code):
Uzbekistani soum (UZS)
Exchange rates:
Uzbekistani soum per US dollar - 1,020 (2005), 971.265 (2004), 771.029 (2002), 423.832 (2002), 236.61 (2001)
Fiscal year:
calendar year
