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Uzbekistan Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Uzbekistan Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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):
$221.7 billion (2017 est.) $209.2 billion (2016 est.) $194.1 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 64

GDP (official exchange rate):
$67.51 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6% (2017 est.) 7.8% (2016 est.) 8% (2015 est.)
country comparison to the world: 24
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,000 (2017 est.) $6,700 (2016 est.) $6,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 158

Gross national saving:
31.8% of GDP (2017 est.) 31.6% of GDP (2016 est.) 31.6% of GDP (2015 est.)
country comparison to the world: 21
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -20.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 18.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 47% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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.)
country comparison to the world: 59
[see also: Industrial production growth rate country ranks ]

Labor force:
18.12 million (2017 est.)
country comparison to the world: 34
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 25.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 13.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 60.9% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.9% (2017 est.) 4.9% (2016 est.)
note: official data; another 20% are underemployed
country comparison to the world: 66
[see also: Unemployment rate country ranks ]

Population below poverty line:
14% (2016 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)

Distribution of family income - Gini index:
36.8 (2003) 44.7 (1998)
country comparison to the world: 82
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $20.11 billion
[see also: Budget - revenues country ranks ]
expenditures: $19.92 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.8% of GDP (2017 est.)
country comparison to the world: 83
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.3% of GDP (2017 est.)
country comparison to the world: 27
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
15.1% of GDP (2017 est.) 15.4% of GDP (2016 est.)
country comparison to the world: 192
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
13% (2017 est.) 8% (2016 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012
country comparison to the world: 210
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (2016) 9% (2015)
country comparison to the world: 30
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16% (31 December 2016 est.) 11.2% (31 December 2012 est.)
country comparison to the world: 33
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.456 billion (31 December 2017 est.) $7.555 billion (31 December 2016 est.)
country comparison to the world: 94
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$15.47 billion (31 December 2017 est.) $17.47 billion (31 December 2016 est.)
country comparison to the world: 97
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.506 billion (31 December 2017 est.) $11.63 billion (31 December 2016 est.)
country comparison to the world: 111
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2012) $715.3 million (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$632 million (2017 est.) $498 million (2016 est.)
country comparison to the world: 44
[see also: Current account balance country ranks ]

Exports:
$11.38 billion (2017 est.) $11.2 billion (2016 est.)
country comparison to the world: 84
[see also: Exports country ranks ]

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

Exports - partners:
Switzerland 35.1%, China 19.7%, Russia 9.3%, Turkey 8.7%, Kazakhstan 7.2%, Bangladesh 5.4%, Afghanistan 4.9% (2016)

Imports:
$11.44 billion (2017 est.) $10.91 billion (2016 est.)
country comparison to the world: 92
[see also: Imports country ranks ]

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

Imports - partners:
China 22.2%, Russia 18%, South Korea 10.5%, Kazakhstan 10%, Turkey 5.8%, Germany 5.2% (2016)

Reserves of foreign exchange and gold:
$16 billion (31 December 2017 est.) $14 billion (31 December 2016 est.)
country comparison to the world: 66
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.86 billion (31 December 2017 est.) $16.76 billion (31 December 2016 est.)
country comparison to the world: 98
[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 - 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.)


NOTE: 1) The information regarding Uzbekistan on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uzbekistan Economy 2018 information contained here. All suggestions for corrections of any errors about Uzbekistan Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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