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Uzbekistan Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Uzbekistan Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 8,

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, primarily natural gas, 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. Uzbekistan enjoyed a bumper cotton crop in 2010 amidst record high prices, but is gradually diversifying away from cotton toward more high-value fruits and vegetables. 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. Uzbekistan has posted GDP growth of over 8% for the past several years, driven primarily by rising world prices for its main export commodities - natural gas, cotton and gold - and some industrial growth. 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 Uzbekistani authorities have accused US and other foreign companies operating in Uzbekistan of violating Uzbekistani tax laws and have frozen their assets, with several new expropriations in 2010-11. At the same time, the Uzbekistani Government has actively courted several major US and international corporations, offering attractive financing and tax advantages, and has landed a significant US investment in the automotive industry, including the opening of a powertrain manufacturing facility in Tashkent in November, 2011. Uzbekistan has seen few effects from the global economic downturn, primarily due to its relative isolation from the global financial markets.

GDP (purchasing power parity):
$94.04 billion (2011 est.)
country comparison to the world: 74

$87.82 billion (2010 est.)
$80.99 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$43.7 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.1% (2011 est.)
country comparison to the world: 19

8.5% (2010 est.)
8.1% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,300 (2011 est.)
country comparison to the world: 166

$3,100 (2010 est.)
$2,900 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 21.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 37.8%
[see also: GDP - composition by sector - industry country ranks ]
services: 40.2% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
16.28 million (2011 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% (2011 est.)
country comparison to the world: 7

1.1% (2010 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: 82

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

Budget:
revenues: $14.97 billion
[see also: Budget revenues country ranks ]
expenditures: $15.07 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
34.3% of GDP (2011 est.)
country comparison to the world: 68
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.2% of GDP (2011 est.)
country comparison to the world: 46
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
7.7% of GDP (2011 est.)
country comparison to the world: 126

8% of GDP (2010 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
16% (2011 est.)
country comparison to the world: 210

15% (2010 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2011
[see also: Inflation rate (consumer prices) country ranks ]

Stock of narrow money:
$5.49 billion (31 December 2011 est.)
country comparison to the world: 93

$4.448 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.31 billion (31 December 2011 est.)
country comparison to the world: 108

$7.197 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.906 billion (31 December 2011 est.)
country comparison to the world: 106

$5.995 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2010)
country comparison to the world: 107

$715.3 million (#REF!)
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
8% (2010 est.)
country comparison to the world: 24
[see also: Industrial production growth rate country ranks ]

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

Electricity - consumption:
40.1 billion kWh (2009 est.)
country comparison to the world: 52
[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:
87,000 bbl/day (2010 est.)
country comparison to the world: 52
[see also: Oil - production country ranks ]

Oil - consumption:
104,000 bbl/day (2010 est.)
country comparison to the world: 74
[see also: Oil - consumption country ranks ]

Oil - exports:
2,078 bbl/day (2009 est.)
country comparison to the world: 113
[see also: Oil - exports country ranks ]

Oil - imports:
9,013 bbl/day (2009 est.)
country comparison to the world: 142
[see also: Oil - imports country ranks ]

Natural gas - production:
59.1 billion cu m (2010 est.)
country comparison to the world: 14
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
45.5 billion cu m (2010 est.)
country comparison to the world: 17
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
15.2 billion cu m (2009 est.)
country comparison to the world: 18
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2009 est.)
country comparison to the world: 140
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
1.841 trillion cu m (1 January 2011 est.)
country comparison to the world: 19
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$7.223 billion (2011 est.)
country comparison to the world: 30

$5.784 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$13.8 billion (2011 est.)
country comparison to the world: 79

$12.01 billion (2010 est.)
[see also: Exports country ranks ]

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

Exports - partners:
China 21.8%, Russia 18.1%, Turkey 14.5%, Kazakhstan 8.5%, Bangladesh 8.5% (2010)

Imports:
$8.65 billion (2011 est.)
country comparison to the world: 102

$8.06 billion (2010 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Russia 25.4%, South Korea 17.3%, China 13.9%, Germany 8.3%, Kazakhstan 5.3%, Ukraine 4.2% (2010)

Reserves of foreign exchange and gold:
$11 billion (31 December 2011 est.)
country comparison to the world: 69

$9.8 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.435 billion (31 December 2011 est.)
country comparison to the world: 119

$4.221 billion (31 December 2010 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 -

1,714.1 (2011 est.)
1,587.2 (2010 est.)
1,466.7 (2009)
1,317 (2008)
1,263.8 (2007)


NOTE: 1) The information regarding Uzbekistan on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uzbekistan Economy 2012 information contained here. All suggestions for corrections of any errors about Uzbekistan Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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






This page was last modified 07-Mar-12
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