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Uzbekistan Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Uzbekistan Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

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; Uzbekistan is aggressively addressing international criticism for the use of child labor in its cotton harvest. Desspite ongong efforts to diversify crops, Uzbekistani agriculture remains largely centered around cotton production. 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. Until 2012, Uzbekistan had posted GDP growth of over 8% per year for several years, driven primarily by rising world prices for its main export commodities - natural gas, cotton and gold - and some industrial growth. Growth slipped in 2012 as a result of lower export prices due to the continuing European recesssion. 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):
$103.9 billion (2012 est.)
country comparison to the world: 71

$96.79 billion (2011 est.)
$89.37 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$51.62 billion (2012 est.)

GDP - real growth rate:
7.4% (2012 est.)
country comparison to the world: 21

8.3% (2011 est.)
8.5% (2010 est.)

GDP - per capita (PPP):
$3,500 (2012 est.)
country comparison to the world: 166

$3,300 (2011 est.)
$3,100 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector:
agriculture: 21.6%
industry: 37.5%
services: 40.9% (2012 est.)

Labor force:
16.35 million (2012 est.)
country comparison to the world: 38

Labor force - by occupation:
agriculture: 44%
industry: 20%
services: 36% (1995)

Unemployment rate:
1% (2012 est.)
country comparison to the world: 5

1% (2011 est.)
note: officially measured by the Ministry of Labor, plus another 20% underemployed

Population below poverty line:
26% (2008 est.)

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 29.6% (2003)

Distribution of family income - Gini index:
36.8 (2003)
country comparison to the world: 77

44.7 (1998)

Budget:
revenues: $16.39 billion
expenditures: $16.51 billion (2012 est.)

Taxes and other revenues:
31.8% of GDP (2012 est.)
country comparison to the world: 90

Budget surplus (+) or deficit (-):
-0.2% of GDP (2012 est.)
country comparison to the world: 45

Public debt:
10% of GDP (2012 est.)
country comparison to the world: 141

8.4% of GDP (2011 est.)

Inflation rate (consumer prices):
12.5% (2012 est.)
country comparison to the world: 204

12.8% (2011 est.)
note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2011

Stock of narrow money:
$5.952 billion (31 December 2012 est.)
country comparison to the world: 92

$5.086 billion (31 December 2011 est.)

Stock of broad money:
$8.31 billion (31 December 2011 est.)
country comparison to the world: 113

$7.197 billion (31 December 2010 est.)

Stock of domestic credit:
$7.269 billion (31 December 2012 est.)
country comparison to the world: 108

$6.523 billion (31 December 2011 est.)

Market value of publicly traded shares:
$NA (31 December 2010)
country comparison to the world: 109

$715.3 million (31 December 2006)

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: 28

Current account balance:
$3.284 billion (2012 est.)
country comparison to the world: 34

$3.36 billion (2011 est.)

Exports:
$12.58 billion (2012 est.)
country comparison to the world: 84

$12.59 billion (2011 est.)

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

Exports - partners:
Russia 20.9%, Turkey 17.1%, China 14.7%, Kazakhstan 10.3%, Bangladesh 8.7% (2011)

Imports:
$8.76 billion (2012 est.)
country comparison to the world: 105

$8.53 billion (2011 est.)

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

Imports - partners:
Russia 21.4%, South Korea 19.1%, China 15.1%, Germany 7.4%, Kazakhstan 5.6% (2011)

Reserves of foreign exchange and gold:
$16 billion (31 December 2012 est.)
country comparison to the world: 63

$15 billion (31 December 2011 est.)

Debt - external:
$10.46 billion (31 December 2012 est.)
country comparison to the world: 92

$8.54 billion (31 December 2011 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
Uzbekistani soum (UZS) per US dollar -

1,872.3 (2012 est.)
1,715.8 (2011 est.)
1,587.2 (2010 est.)
1,466.7 (2009)
1,317 (2008)

Fiscal year:
calendar year


NOTE: 1) The information regarding Uzbekistan on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uzbekistan Economy 2013 information contained here. All suggestions for corrections of any errors about Uzbekistan Economy 2013 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 11-Mar-13
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