Uzbekistan Economy

Is Uzbekistan a rich country?

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.

Uzbekistan Economy Data

What is the GDP of Uzbekistan?

Currency Name and Code Uzbekistan Sum (UZS)
GDP - Gross Domestic Product (PPP) $172,300,000,000 (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 fficially 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)

Labor Force by Occupation- As reported by Uzbekistan

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