Uzbekistan Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$239.42 billion (2020 est.)

$235.54 billion (2019 est.)

$222.63 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.3% (2017 est.)

7.8% (2016 est.)

7.9% (2015 est.)

Real GDP per capita

$7,000 (2020 est.)

$7,000 (2019 est.)

$6,800 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$57.789 billion (2019 est.)

Inflation rate (consumer prices)

12.5% (2017 est.)

8% (2016 est.)

note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012

Credit ratings

Fitch rating: BB- (2018)

Moody's rating: B1 (2019)

Standard & Poors rating: BB- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 17.9% (2017 est.)

industry: 33.7% (2017 est.)

services: 48.5% (2017 est.)

GDP - composition, by end use

household consumption: 59.5% (2017 est.)

government consumption: 16.3% (2017 est.)

investment in fixed capital: 25.3% (2017 est.)

investment in inventories: 3% (2017 est.)

exports of goods and services: 19% (2017 est.)

imports of goods and services: -20% (2017 est.)

Agricultural products

milk, wheat, potatoes, carrots/turnips, cotton, tomatoes, vegetables, grapes, onions, watermelons

Industries

textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals

Industrial production growth rate

4.5% (2017 est.)

Labor force

13.273 million (2018 est.)

Labor force - by occupation

agriculture: 25.9%

industry: 13.2%

services: 60.9% (2012 est.)

Unemployment rate

5% (2017 est.)

5.1% (2016 est.)

note: official data; another 20% are underemployed

Youth unemployment rate (ages 15-24)

total: 13.2%

male: 21.5%

female: 8.3% (2020)

Population below poverty line

14.1% (2013 est.)

Gini Index coefficient - distribution of family income

36.8 (2003)

44.7 (1998)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 29.6% (2003)

Budget

revenues: 15.22 billion (2017 est.)

expenditures: 15.08 billion (2017 est.)

Budget surplus (+) or deficit (-)

0.3% (of GDP) (2017 est.)

Public debt

24.3% of GDP (2017 est.)

10.5% of GDP (2016 est.)

Taxes and other revenues

31.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$1.713 billion (2017 est.)

$384 million (2016 est.)

Exports

$14.52 billion (2020 est.) note: data are in current year dollars

$16.99 billion (2019 est.) note: data are in current year dollars

$14.14 billion (2018 est.) note: data are in current year dollars

Exports - partners

Switzerland 19%, United Kingdom 17%, Russia 15%, China 14%, Kazakhstan 9%, Turkey 8%, Kyrgyzstan 5% (2019)

Exports - commodities

gold, natural gas, cotton fibers, copper, ethylene polymers (2019)

Imports

$22.56 billion (2020 est.) note: data are in current year dollars

$26.55 billion (2019 est.) note: data are in current year dollars

$23.44 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 23%, Russia 18%, South Korea 11%, Kazakhstan 9%, Turkey 6%, Germany 5% (2019)

Imports - commodities

cars and vehicle parts, packaged medicines, refined petroleum, aircraft, construction vehicles (2019)

Reserves of foreign exchange and gold

$16 billion (31 December 2017 est.)

$14 billion (31 December 2016 est.)

Debt - external

$16.9 billion (31 December 2017 est.)

$16.76 billion (31 December 2016 est.)

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: The information regarding Uzbekistan on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Uzbekistan 2022 information contained here. All suggestions for corrections of any errors about Uzbekistan 2022 should be addressed to the CIA or the source cited on each page.