Uzbekistan Economy
Is Uzbekistan a wealthy country?
The country's economic growth has been driven primarily by the agriculture sector. Uzbekistan is one of the world's largest producers of cotton, and agriculture accounts for a significant proportion of the country's GDP. In addition to cotton, Uzbekistan also produces a variety of other crops, including wheat, rice, and fruits and vegetables. The country's agricultural sector has undergone significant reforms in recent years, with the government investing in irrigation and mechanization to increase crop yields.
Uzbekistan is also rich in natural resources, particularly oil and gas. The country is home to some of the largest oil and gas reserves in Central Asia, and the energy sector accounts for a significant proportion of the country's GDP. In recent years, the Uzbek government has been working to modernize the country's energy sector and attract foreign investment in the sector.
Another key driver of Uzbekistan's economy is the manufacturing sector. The country has a well-developed manufacturing industry, with a focus on textiles, food processing, and machinery. The government has implemented policies to encourage foreign investment in the manufacturing sector, and as a result, several multinational corporations have established operations in Uzbekistan in recent years.
Uzbekistan's economy faces several challenges, however. One of the key challenges is the lack of economic diversification. The country's economy is heavily dependent on natural resources and agriculture, which leaves it vulnerable to fluctuations in commodity prices. The government has recognized the need for economic diversification and has implemented policies aimed at developing new industries such as tourism and high-tech manufacturing.
Another challenge facing Uzbekistan's economy is the high level of informal employment. A significant proportion of the country's workforce is engaged in informal employment, which means that they do not have access to social security benefits or legal protections. The government has implemented policies aimed at reducing the level of informal employment, including the introduction of a new labor code and measures to improve access to credit for small businesses.
Uzbekistan Economy Data
What is the GDP of Uzbekistan?
| Currency Name and Code | Uzbekistan Sum (UZS) |
| GDP - Gross Domestic Product (PPP) | $239,420,000,000 (USD) |
| GDP - official exchange rate | $65,950,000,000 (USD) |
| GDP - real growth rate | 6.8% |
| GDP Per Capita | $6,100.00 (USD) |
| GDP by Sector- agriculture | 18.8% |
| GDP by Sector- Industry | 33.7% |
| GDP by Sector- services | 47.5% |
| GDP - composition, by end use |
household consumption: 57.8% government consumption: 17.3% investment in fixed capital: 25.4% investment in inventories: -0.1% exports of goods and services: 31.5% imports of goods and services: -31.9% |
| Population Below Poverty Line | 26% |
| Inflation Rate | 15% |
| Labor Force | 16,000,000 |
| Labor Force By Occupation- agriculture | 25.9% |
| Labor Force By Occupation- industry | 13.2% |
| Labor Force By Occupation- services | 60.9% |
| Unemployment Rate | 1.1% |
| Unemployment - note | officially measured by the Ministry of Labor, plus another 20% underemployed |
| Fiscal Year | calendar year |
| Annual Budget | $12,250,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -0.4% |
| Public Debt (% of GDP) | 39% |
| Taxes and other revenues - percent of GDP | 32.3% |
| Major Industries | textiles, food processing, machine building, metallurgy, natural gas, chemicals |
| Industrial Growth Rate | 8% |
| Agriculture Products | cotton, vegetables, fruits, grain; livestock |
| Exchange Rate per US Dollar | Uzbekistani sum (UZS) |