Short facts about the economy in Uzbekistan
| Economy -
overview: |
Uzbekistan is a dry, landlocked country
of which 10% consists of intensely cultivated, irrigated river valleys. More
than 60% of its population lives in densely populated rural communities.
Uzbekistan is now the world's third largest cotton exporter, a large producer of
gold and oil, and a regionally significant producer of chemicals and machinery.
Following independence in December 1991, the government sought to prop up its
Soviet-style command economy with subsidies and tight controls on production and
prices. Faced with high rates of inflation, however, the government began to
reform in mid-1994, by introducing tighter monetary policies, expanding
privatization, slightly reducing the role of the state in the economy, and
improving the environment for foreign investors. The state continues to be a
dominating influence in the economy and has so far failed to bring about
much-needed structural changes. The IMF suspended Uzbekistan's $185 million
standby arrangement in late 1996 because of governmental steps that made
impossible fulfillment of Fund conditions. Uzbekistan has responded to the
negative external conditions generated by the Asian and Russian financial crises
by tightening export and currency controls within its already largely closed
economy. Economic policies that have repelled foreign investment are a major
factor in the economy's stagnation. A growing debt burden, persistent inflation,
and a poor business climate led to stagnant growth in 2000, with little
improvement predicted for 2001. |
| GDP: |
purchasing power parity - $60 billion
(2000 est.) |
| GDP - real
growth rate: |
2.1% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $2,400 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 28%
industry: 21%
services: 51% (1999
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: 3.1%
highest 10%: 25.2%
(1993) |
| Inflation
rate (consumer prices): |
40% (2000
est.) |
| Labor
force: |
11.9 million (1998
est.) |
| Labor force
- by occupation: |
agriculture 44%, industry 20%, services
36% (1995) |
| Unemployment
rate: |
10% plus another 20% underemployed
(1999 est.) |
| Budget: |
revenues: $4 billion
expenditures: $4.1 billion, including capital
expenditures of $NA (1999 est.) |
| Industries: |
textiles, food processing, machine
building, metallurgy, natural gas, chemicals |
| Industrial
production growth rate: |
6.4% (2000
est.) |
| Electricity
- production: |
42.876 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 86.4%
hydro: 13.6%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
43.455 billion kWh
(1999) |
| Electricity
- exports: |
3.92 billion kWh
(1999) |
| Electricity
- imports: |
7.5 billion kWh
(1999) |
| Agriculture
- products: |
cotton, vegetables, fruits, grain;
livestock |
| Exports: |
$2.9 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
cotton, gold, natural gas, mineral
fertilizers, ferrous metals, textiles, food products,
automobiles |
| Exports -
partners: |
Russia 13%, Switzerland 10%, UK 10%,
Belgium 3%, Kazakhstan 4%, Tajikistan 4% (1999) |
| Imports: |
$2.6 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
machinery and equipment, chemicals,
metals; foodstuffs |
| Imports -
partners: |
Russia 14%, South Korea 14%, Germany
11%, US 8%, Turkey 4%, Kazakhstan 4% (1999) |
| Debt -
external: |
$3.3 billion (1999
est.) |
| Economic aid
- recipient: |
$276.6 million
(1995) |
| Currency: |
Uzbekistani sum
(UZS) |
| Exchange
rates: |
Uzbekistani sums per US dollar - 325.0
(January 2001), 141.4 (January 2000), 111.9 (February 1999), 110.95 (December
1998), 75.8 (September 1997), 41.1 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
