Uzbekistan Economy - 2024

Economic overview

lower middle-income Central Asian economy; CIS Free Trade Area member but no intention of EAEU membership; key natural gas, cotton, and gold exporter; landlocked and environmentally fragile; positive growth through COVID-19, but poverty increasing

Real GDP (purchasing power parity)

$270.062 billion (2021 est.)
$251.408 billion (2020 est.)
$246.753 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.42% (2021 est.)
1.89% (2020 est.)
5.71% (2019 est.)

Real GDP per capita

$7,700 (2021 est.)
$7,300 (2020 est.)
$7,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$57.789 billion (2019 est.)

Inflation rate (consumer prices)

10.85% (2021 est.)
12.87% (2020 est.)
14.53% (2019 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

8.37% (2021 est.)

Labor force

14.094 million (2021 est.)

Unemployment rate

7.16% (2021 est.)
7.04% (2020 est.)
5.85% (2019 est.)

note: official data; another 20% are underemployed

Youth unemployment rate (ages 15-24)

total: 16% (2021 est.)

male: 15.8%

female: 16.2%

Population below poverty line

14.1% (2013 est.)

Gini Index coefficient - distribution of family income

36.8 (2003 est.)

Average household expenditures

on food: 30.2% of household expenditures (2018 est.)

on alcohol and tobacco: 2.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 29.6% (2003)

Remittances

13.28% of GDP (2021 est.)
11.65% of GDP (2020 est.)
14.26% of GDP (2019 est.)

Budget

revenues: $16.197 billion (2019 est.)

expenditures: $16.346 billion (2019 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

14.87% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$4.825 billion (2021 est.)
-$3.007 billion (2020 est.)
-$3.366 billion (2019 est.)

Exports

$16.399 billion (2021 est.) note: data are in current year dollars
$14.532 billion (2020 est.) note: data are in current year dollars
$16.993 billion (2019 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

$27.774 billion (2021 est.) note: data are in current year dollars
$22.56 billion (2020 est.) note: data are in current year dollars
$26.551 billion (2019 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

$35.375 billion (31 December 2021 est.)
$34.903 billion (31 December 2020 est.)
$29.291 billion (31 December 2019 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 -

Exchange rates:
10,609.464 (2021 est.)
10,054.261 (2020 est.)
8,836.788 (2019 est.)
8,069.606 (2018 est.)
5,113.879 (2017 est.)