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Economy of Uzbekistan

Economy of Uzbekistan
Vue de l'Aqua-Park - Tachkent.jpg
Commercial buildings in Tashkent
1 som (UZS) = 100 tiyin
Calendar year
Trade organisations
CIS and ECO; observer status in WTO
Statistics
GDP $170.3 billion (2014)
GDP rank 70th (PPP, 2012)
GDP growth
7% (Real, 2014 est.)
GDP per capita
$5,600 (2014 est.)
GDP by sector
agriculture 18.5%, industry 32%, services 49.5% (2014 est.)
12.1% (CPI, 2014 est.)
Population below poverty line
17% (2011)
36.8 (2003)
Labour force
17.24 million (2014)
Labour force by occupation
agriculture 25.9%, industry 13.2%, services 60.9% (2012 est.)
Unemployment 4.9% officially, plus another 20% underemployed (2014 est.)
Main industries
textiles, food processing, machine building, metallurgy, mining, Chemicals
87th (2017)
External
Exports $13.32 billion (2014 est.)
Export goods
energy products, cotton, gold, mineral ferilizers, ferrous and nonferrous metals, food products, machinery, automobiles
Main export partners
  Switzerland 25.8%
 China 17.6%
 Kazakhstan 14.2%
 Turkey 9.9%
 Russia 8.4%
 Bangladesh 6.9% (2015)
Imports $12.5 billion (2014 est.)
Import goods
machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals
Main import partners
 China 20.8%
 Russia 20.8%
 South Korea 12%
 Kazakhstan 10.8%
 Turkey 4.6%
 Germany 4.4% (2015)
FDI stock
n/av
$8.751 billion (31 December 2014)
Public finances
7.5% of GDP (2014 est.)
Revenues $18.67 billion (2014 est.)
Expenses $19.27 billion (2014 est.)
Economic aid $172.3 million from the U.S. (2005)
Foreign reserves
$18 billion (31 December 2014 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Since gaining independence, the Government of Uzbekistan has stated that it is committed to a gradual transition to a market-based economy. The progress with economic policy reforms has been a cautious one, but cumulatively Uzbekistan has shown respectable achievements. The government is yet to eliminate the gap between the black market and official exchange rates by successfully introducing convertibility of the national currency. Its restrictive trade regime and generally interventionist policies continue to have a negative effect on the economy. Substantial structural reform is needed, particularly in these areas: improving the investment climate for foreign investors, strengthening the banking system, and freeing the agricultural sector from state control. Remaining restrictions on currency conversion capacity and other government measures to control economic activity, including the implementation of severe import restrictions and sporadic closures of Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan, and Tajikistan have led international lending organizations to suspend or scale back credits.

Working closely with the IMF, the government has made considerable progress in reducing inflation and the budget deficit. The national currency was made convertible in 2003 as part of the IMF-engineered stabilization program, although some administrative restrictions remain. The agriculture and manufacturing industries contribute equally to the economy, each accounting for about one-quarter of the GDP. Uzbekistan is a major producer and exporter of cotton, although the importance of this commodity has declined significantly since the country achieved independence. Uzbekistan is also a big producer of gold, with the largest open-pit gold mine in the world. The country has substantial deposits of copper, strategic minerals, gas, and oil.

This is a chart depicting the trend of the gross domestic product in Uzbekistan in constant prices of 1995, estimated by the International Monetary Fund with figures in millions of som. The chart also shows the consumer price index(CPI) as a measure of inflation from the same source and the end-of-year U.S. dollar exchange rate from the Central Bank of the Uzbekistan database. For purchasing power parity comparisons in 2006, the U.S. dollar is exchanged at 340 som.


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