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Uzbekistan Economy 2011
https://theodora.com/wfb2011/uzbekistan/uzbekistan_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - 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, including natural gas and petroleum, 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. Nevertheless, Uzbekistan enjoyed a bumper cotton crop in 2010 amidst record high prices. 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. Potential investment by Russia and China in Uzbekistan's gas and oil industry, as well as increased cooperation with South Korea in the realm of civil aviation, may boost growth prospects. However, decreased demand for natural gas in Europe and Russia in the wake of the global financial crisis could reduce energy-related revenues in the near term. In November 2005, Russian President Vladimir PUTIN and Uzbekistan President KARIMOV signed an "alliance," 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 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 Uzbek authorities had accused US and other foreign companies operating in Uzbekistan of violating Uzbek tax laws and have frozen their assets, but no new expropriations occurred in 2008-09. Instead, the Uzbek Government has actively courted several major U.S. and international corporations, offering attractive financing and tax advantages, and has landed a significant US investment in the automotive industry. Although growth slowed in 2009-10, Uzbekistan has seen few other effects from the global economic downturn, primarily due to its relative isolation from the global financial markets.

GDP (purchasing power parity):
$86.07 billion (2010 est.)
country comparison to the world: 75

$79.55 billion (2009 est.)
$73.59 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$37.72 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.2% (2010 est.)
country comparison to the world: 10

8.1% (2009 est.)
9% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,100 (2010 est.)
country comparison to the world: 167

$2,900 (2009 est.)
$2,700 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 21.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 32.3%
[see also: GDP - composition by sector - industry country ranks ]
services: 46.4% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
16 million (2009 est.)
country comparison to the world: 37
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 44%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
[see also: Labor force - by occupation - industry country ranks ]
services: 36% (1995)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.1% (2010 est.)
country comparison to the world: 6

1.1% (2009 est.)
note: officially measured by the Ministry of Labor, plus another 20% underemployed
[see also: Unemployment rate country ranks ]

Population below poverty line:
26% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.6% (2003)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36.8 (2003)
country comparison to the world: 80

44.7 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $12.25 billion
[see also: Budget - revenues country ranks ]
expenditures: $12.3 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
9% of GDP (2010 est.)
country comparison to the world: 124

9.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
15% (2010 est.)
country comparison to the world: 221

14.1% (2009 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 38% in 2008
[see also: Inflation rate (consumer prices) country ranks ]

Stock of narrow money:
$4.895 billion (31 December 2010 est)

$3.829 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.197 billion (31 December 2010 est.)

$5.648 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.482 billion (31 December 2010 est.)
country comparison to the world: 107

$5.484 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2009)

$NA (31 December 2007)
$715.3 million (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
cotton, vegetables, fruits, grain; livestock

Industries:
textiles, food processing, machine building, metallurgy, gold, petroleum, natural gas, chemicals

Industrial production growth rate:
8% (2009 est.)
country comparison to the world: 28
[see also: Industrial production growth rate country ranks ]

Electricity - production:
44.8 billion kWh (2009 est.)
country comparison to the world: 52
[see also: Electricity - production country ranks ]

Electricity - consumption:
40.1 billion kWh (2009 est.)
country comparison to the world: 51
[see also: Electricity - consumption country ranks ]

Electricity - exports:
11.52 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
11.44 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
70,910 bbl/day (2009 est.)
country comparison to the world: 56
[see also: Oil - production country ranks ]

Oil - consumption:
145,000 bbl/day (2009 est.)
country comparison to the world: 68
[see also: Oil - consumption country ranks ]

Oil - exports:
6,104 bbl/day (2007 est.)
country comparison to the world: 101
[see also: Oil - exports country ranks ]

Oil - imports:
35,810 bbl/day (2007 est.)
country comparison to the world: 96
[see also: Oil - imports country ranks ]

Oil - proved reserves:
594 million bbl (1 January 2010 est.)
country comparison to the world: 45
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
67.6 billion cu m (2008 est.)
country comparison to the world: 13
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
52.6 billion cu m (2008 est.)
country comparison to the world: 14
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
15 billion cu m (2008 est.)
country comparison to the world: 14
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 118
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
1.841 trillion cu m (1 January 2010 est.)
country comparison to the world: 19
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$5.588 billion (2010 est.)
country comparison to the world: 31

$3.595 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$13.13 billion (2010 est.)
country comparison to the world: 77

$10.74 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
energy products, cotton, gold, mineral fertilizers, ferrous and non-ferrous metals, textiles, food products, machinery, automobiles

Exports - partners:
Ukraine 29.91%, Russia 13.94%, Turkey 7.53%, Kazakhstan 7.26%, Bangladesh 6.83%, China 5.69%, South Korea 4.19% (2009)

Imports:
$9.44 billion (2010 est.)
country comparison to the world: 91

$9.023 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, chemicals, ferrous and non-ferrous metals

Imports - partners:
Russia 23.72%, China 20.36%, South Korea 13.03%, Germany 6.09%, Ukraine 5.39%, Kazakhstan 4.68% (2009)

Reserves of foreign exchange and gold:
$10.5 billion (31 December 2010 est.)
country comparison to the world: 54

$9 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.236 billion (31 December 2010 est.)
country comparison to the world: 114

$4.053 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Uzbekistani soum (UZS) per US dollar - 1,588.1 (2010), 1,466.7 (2009), 1,317 (2008), 1,263.8 (2007), 1,219.8 (2006)


NOTE: The information regarding Uzbekistan on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uzbekistan Economy 2011 information contained here. All suggestions for corrections of any errors about Uzbekistan Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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