Economy of Uzbekistan Commercial buildings in Tashkent Fixed exchange rates



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Economy of  Uzbekistan

Commercial buildings in Tashkent



Fixed

exchange rates

1 so


ʻm (UZS) =

100 tiyin



Fiscal year

Calendar year



Trade

organisations

CIS and ECO;

observer status in

WTO


Statistics

GDP

$222.3 billion

(2017)

GDP rank

70th (PPP, 2012)



GDP growth

7.9% (2015), 7.8%

(2016),  

5.3% (2017e),

5.0% (2018f) 

[1]


GDP per capita $5,600 (2014 est.)

GDP by sector agriculture 18.5%,

industry 32%,

services 49.5%

(2014 est.)



Inflation 

(CPI)

12.1% (CPI, 2014

est.)

Population

below

poverty line

14% (2016)



Gini coefficient 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

(2017 est.)



Main

industries

textiles, food

processing,

machine building,

metallurgy,

mining, Chemicals



Ease-of-doing-

business rank

77th (2018)

[2]

External

Exports

$13.32 billion

(2014 est.)

Export goods

energy products,

cotton, gold,

mineral ferilizers,

ferrous and

nonferrous metals,

food products,

machinery,

automobiles

Economy of Uzbekistan

Since gaining independence, the 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.

[3]

 Uzbekistan is a



major  producer  and  exporter  of  cotton,  although  the  importance  of  this  commodity  has  declined  significantly since  the  country  achieved

independence.

[4]

 Uzbekistan is also a big producer of gold, with the largest open-pit gold mine in the world. The country has substantial deposits



of Silver, strategic minerals, gas, and oil.

GDP and employment

Labor

Prices and monetary policy

Agriculture

Natural resources and energy

External trade and investment

Banking

Tourism

Miscellaneous data

See also

References

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.

[5]


 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.

[6]

 For purchasing power parity comparisons in 2006,



the U.S. dollar is exchanged at 340 som.

[7]


Year

GDP (constant prices) US Dollar Exchange CPI (2000=100)

1992


330,042

1 som


0.07

1995


302,790

36 som


20

2000


356,325

325 som


100

2003


402,361

980 som


166

2006


497,525

1,240 som

226

Uzbekistan's GDP, like that of all CIS countries, declined



during the first years of transition and then recovered after

1995, as the cumulative effect of policy reforms began to

be felt. It has shown robust growth, rising by 4% per year

between  1998  and  2003,  and  accelerating  thereafter  to

7%-8% per year. In 2011 the growth rate came up to 9%.

Given  the  growing economy,  the  total  number of  people

employed rose from 8.5 million in 1995 to 13.5 million in

2011.


[3]

  This healthy increase of nearly 25% in the labor

force lagged behind the increase in GDP during the same

period  (64%,  see  chart),  which  implies  a  significant

increase  in  labor  productivity.  Official  unemployment  is

very low: less than 30,000 job seekers were registered in

government labor  exchanges in  2005-2006 (0.3%  of  the

labor  force).

[3]

  Underemployment, on  the  other  hand,  is



believed to be quite high, especially in agriculture, which

accounts for fully 28% of all employed, many of them working part-time on tiny household plots. However

, no reliable figures are available due to

the absence of credible labor surveys.



Contents

GDP and employment

Uzbekistan: Growth of GDP in constant prices 1992-2008.

[7]


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


Gross external

debt

$8.751 billion (31

December 2014)

Public finances

Public debt

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.

The minimum wage, public-sector wages, and old-age pensions are routinely raised twice a year to ensure that base income is not eroded by

inflation. Although no statistics are published on average wages in Uzbekistan, pensions as a proxy for the average wage increased significantly

between 1995 and 2006, both in real terms and in U.S. dollars. The monthly old-age pension increased in real (CPI-adjusted) sums by almost a

factor of 5 between 1995 and 2006.

[3]


 The monthly pension in U.S. dollars was around $20–$25 until 2000, then dropped to $15–$20 between

2001 and 2004, and now is $64. The minimum wage was raised to $34.31 in November 2011.

[8]

 Assuming that the average wages in the country



are at a level of 3-4 times the monthly pension, we estimate the wages in 2006 at $100–$250 per month, or $3–$8 per day

.

According to the forecast by the Asian Development Bank, the GDP in Uzbekistan in 2009 is expected to grow by 7%.



[9]

 Meanwhile, in 2010 the

Uzbekistan GDP growth is predicted at 6,5%.

[9]


Literacy in Uzbekistan is almost universal, and workers are generally well-educated and trained accordingly in their respective fields. Most local

technical and managerial training does not meet international business standards, but foreign companies engaged in production report that locally

hired workers learn quickly and work effectively. The government emphasizes foreign education. Each year hundreds of students are sent to the

United States, Europe, and Japan for university degrees, after which they have a commitment to work for the government for 5 years. Reportedly,

about  60%  of  students  who  study  abroad  find  employment  with  foreign  companies  upon  completing  their  degrees,  despite  their  5-year

commitment to work in the government. Some American companies of

fer their local employees special training programs in the United States.

In  addition,  Uzbekistan subsidizes  studies  for  students  at  Westminster  International University  in  Tashkent—one  of  the  few  Western-style

institutions in Uzbekistan. In 2002, the government "Istedod" Foundation (formerly as "Umid" Foundation) is paying for 98 out of 155 students

studying at Westminster. For the next academic year, Westminster is expecting to admit 360 students, from which Istedod is expecting to pay for

160 students. The education at Westminster costs $5,200 per academic year. In 2008 Management Development Institute of Singapore at Tashkent

started  its  work.  This  university provides  high  quality  education with  international degree.  Tuition  fee  was  $5000  in  2012.  In  2009  Turin

Polytechnik University was opened. It is the only university in Central Asia that prepares high quality employees for industries. With the closing

or downsizing of many foreign firms, it is relatively easy to find qualified employees, though salaries are very low by Western standards. Salary

caps, which the government implements in an apparent attempt to prevent firms from circumventing restrictions on withdrawal of cash from

banks, prevent many foreign firms from paying their workers as much as they would like. Labor market regulations in Uzbekistan are similar to

those of the Soviet Union, with all rights guaranteed but some rights unobserved. Unemployment is a growing problem, and the number of people

looking for jobs in Russia, Kazakhstan, and Southeast Asia is increasing each year. Uzbekistan's Ministry of Labor does not publish information

on Uzbek citizens working abroad, but Russia's Federal Migration Service reports 2.5 million Uzbek migrant workers in Russia. There are also

indications of up to 1 million Uzbek migrants working illegally in Kazakhstan.

[10]

 Uzbekistan's migrant workers may thus be around 3.5-4 million



people, or a staggering 25% of its labor force of 14.8 million.

[3]


 The U.S. Department of State also estimates that between three and five million

Uzbek citizens of working age live outside Uzbekistan.

[11]

Uzbekistan  experienced  galloping  inflation  of  around  1000%  per  year  immediately  after  independence  (1992–1994).  Stabilization  efforts



implemented with active guidance from the International Monetary Fund rapidly paid off, as inflation rates were brought down to 50% in 1997

and then to 22% in 2002. Since 2003 annual inflation rates averaged less than 10%.

[7]

The severe inflationary pressures that characterized the  early years of  independence inevitably led  to  a  dramatic depreciation of  the  national



currency. The exchange rate of Uzbekistan’s first currency, the "notional" ruble inherited from the Soviet period and its successor, the transient

"coupon som" introduced in November 1993 in a ratio of 1:1 to the ruble, went up from 100 rubles/US$ in the early 1992 to 3627 rubles (or

coupon soms) in mid-April 1994. On July 1, 1994 the "coupon so

ʻm" was replaced with the permanent new Uzbek soʻm  (UZS) in a  ratio of

1000:1, and the starting exchange rate for the new national currency was set at 7 som/US$, implying an almost two-fold depreciation since mid-

April. Within the first six months, between July and December 1994, the national currency depreciated further to 25 som/US$ and continued

depreciating at a fast clip until December 2002, when the exchange rate had reached 969 som/US$, i.e., 138 times the starting exchange rate eight

and a half years earlier or nearly 10,000 times the exchange rate in early 1992, soon after the declaration of independence.

[6]

 Then the depreciation



of the som virtually stopped in response to the government's stabilization program, which at the same time dramatically reduced the inflation rates.

During the four years that followed (2003–2007) the exchange rate of the som to the US dollar increased only by a factor of 1.33, from 969 som to

around 1865 som in May 2012.

From 1996 until the spring of 2003, the official  and so-called "commercial" exchange rate –  both set administratively by the Central Bank –  were highly overvalued. Many businesses and

individuals were unable to buy dollars legally at these "low" rates, so a widespread black market developed to meet hard currency demand. The spread between the official exchange rate and the

curb rate widened especially after the Russian financial crisis of August 1998: at the end of 1999 the curb rate stood at 550 som/US$ compared with the official rate of 140 som/US$, a gap by

nearly a factor of 4 (up from a factor of "only" 2 in 1997 and the first half of 1998).

[12]


 By mid-2003, the government's stabilization and liberalization efforts had reduced the gap between the

black market, official, and commercial rates to approximately 8% and it quickly disappeared as the som was made convertible after October 2003. Today, four foreign currencies—the U.S. dollar,

the euro, the pound sterling, and the yen—are freely exchanged in commercial booths all around the cities, while other currencies, including the Russian ruble and the Kazakh tenge, are bought

and sold by individual ("black market") money changers, who are allowed to operate openly without harassment. The foreign exchange regime since October 2003 is characterized as "controlled

floating rate".

[13]


 Liberalization of the trade regime remains a prerequisite for Uzbekistan to proceed to an IMF-financed program. In 2012, "black market" rate is again significantly higher than

official rate, 2850 som/US$ vs. 1865 som/US$ (as of mid-June 2011). This curb rate is often referred to as 'bazar rate', because money changers operate at or near 'bazars' - lar

ge farmer markets.

Tax collection rates remained high, due to the use of the banking system by the government as a collection agency. Technical assistance from the World Bank, Office of Technical Assistance at the

U.S. Treasury Department, and UNDP is being provided in reforming the Central Bank and Ministry of Finance into institutions capable of conducting market-oriented fiscal and monetary policy

.

At the end of 2013, the government announced through the Central Bank of the Republic of Uzbekistan that it predicted agriculture as playing a major component of the country's economic



development in the future.

[14]


 Agriculture in Uzbekistan employs 28% of labor force and contributes 24% of GDP (2006 data).

[3]


 Another 8% of GDP is from processing of domestic agricultural

output.


[15]

 Cotton, once Uzbekistan's star cash earner, has lost much its luster since independence as wheat began to gain prominence from considerations of food security for the rapidly growing

population. Areas cropped to cotton were reduced by more than 25% from 2 million hectares in 1990 to less than 1.5 million hectares in 2006, while wheat cultivation jumped 60% from around 1

million hectares in 1990 to 1.6 million hectares in 2006. Cotton production dropped from 3 million tons annually in the pre-independence decade to around 1.2 million tons since 1995, but even at

these reduced  levels Uzbekistan produces 3  times  as  much cotton as  all the other Central Asian  countries and Azerbaijan combined. Cotton exports  tumbled from highs of  around 45% of

Labor

Prices and monetary policy

Agriculture


Uzbekistan's total exports in the early 1990s to 17% in 2006. Uzbekistan is the largest producer of jute in West Asia and it also produces significant quantities of silk (Uzbek ikat), fruit,  and

vegetables, with food products contributing nearly 8% of total exports in 2006. Virtually all agriculture requires irrigation, but because of budgetary constraints there has been practically no

expansion of irrigated area since independence: it remains static at 4.2 million hectares, the level reached by 1990 after rapid growth during the Soviet period.

Government intervention in agriculture is reflected in the persistence of state orders for the two main cash crops, cotton and wheat. Farmers receive binding directives on the area to be cropped to

these commodities and are obliged to surrender their harvest to designated marketers at state-fixed prices. The incomes of farmers and agricultural workers are substantially lower than the national

average because the government pays them less than the world prices for their cotton and wheat, using the difference to subsidize capital intensive industrial concerns, such as factories producing

automobiles,  airplanes,  and tractors.  Consequently,  many farmers focus on  production of  fruits  and vegetables  on  their  small  household  plots, because the  prices of  these commodities are

determined by supply and demand, not by government decrees. Farmers also resort to smuggling cotton and especially wheat across the border with Kazakhstan and Kyrgyzstan in order to obtain

higher prices.

The government's discriminatory pricing for the main cash crops, cotton and wheat, is apparently responsible for the exceptionally rapid growth of the cattle herd in recent years, as the prices of

milk and meat, like those of fruits and vegetables, are also determined by market forces. The number of cattle increased from 4 million head in 1990 to 7 million head in 2006, and virtually all

these animals are maintained by rural families with just 2-3 head per household.

[3]

 Sales of own-produced milk, meat, and vegetables in town markets are an important source for augmenting rural



family incomes.

The Soviet practice of using "volunteer labor" to help gathering the cotton harvest continues in Uzbekistan where schoolchildren, university students, medical professionals, and state employees

are driven en masse out to the fields every year.

[10]


 A recent article posted by a domestic news agency (admittedly with strong anti-government leanings) describes Uzbekistan's cotton as "riches

gathered by the hands of hungry children".

[16]

Minerals and mining also are important to Uzbekistan's economy. Gold, alongside cotton, is a major foreign exchange earner, unofficially estimated at around 20% of total exports.



[11]

 Uzbekistan

is the world's seventh-largest gold producer, mining about 80 tons per year, and holds the fourth-largest reserves in the world. Uzbekistan has an abundance of natural gas, used both for domestic

consumption and export; oil used for domestic consumption; and significant reserves of copper, lead, zinc, tungsten, and uranium. Inefficiency in energy use is generally high, because the low

controlled prices do not stimulate consumers to conserve energy. Uzbekistan is a partner country of the EU INOGATE energy programme, which has four key topics: enhancing energy security,

convergence of member state energy markets on the basis of EU internal energy market principles, supporting sustainable energy development, and attracting investment for energy projects of

common and regional interest.

[17]


Uzbekistan's foreign trade policy is based on import substitution.

[11]


 The system of multiple exchange rates combined with the highly regulated

trade regime caused both imports and exports to drop each from about US$4.5 billion in 1996 to less than US$3 billion in 2002.

[3]

 The success of



stabilization and currency liberalization in 2003  has led to significant increases in exports and imports in recent years, although imports have

increased much less rapidly: while exports had more than doubled to US$15.5 by 2011, imports had risen to US$6.5 billion only, reflecting the

impact of the government's import substitution policies designed to maintain hard currency reserves. Draconian tariffs, sporadic border closures,

and border crossing "fees" have a negative effect on legal imports of both consumer products and capital equipment. Uzbek farmers are deprived

of seasonal opportunities to sell legally their popular tomatoes and vegetables for good prices in Kazakhstan. Instead, they are forced to dump their

produce at reduced prices on local markets or alternatively continue "exporting" by paying stiff bribes to border guards and customs officers.

[18]

Uzbek consumers are deprived of access to low-cost Chinese goods that cross the border from Kyrgyzstan in normal times. Uzbekistan's traditional



trade partners are the Commonwealth of independent States (CIS) countries, notably Russia, Ukraine, and Kazakhstan, which in aggregate account for

over 40% of its exports and imports.

[3]

 Non-CIS partners have been increasing in importance in recent years, with Turkey, China, Iran, South Korea,



and the EU being the most active. As of 2011, Russia remains the main foreign trade partner for Uzbekistan.

Uzbekistan is a member of the International Monetary Fund, World Bank, Asian Development Bank,  and European Bank for  Reconstruction and

Development. It has observer status at the World Trade Organization, is a member of the World Intellectual Property Organization, and is a signatory

to the Convention on Settlement of Investment Disputes Between States and Nationals of Other States, the Paris Convention for the Protection of



Industrial Property, the Madrid Agreement on Trademarks Protection, and the Patent Cooperation Treaty. In 2002, Uzbekistan was again placed on

the special "301" Watch List for lack of intellectual copyright protection.

According to EBRD transition indicators,

[19]


 Uzbekistan's investment climate remains among

the  least  favorable  in  the  CIS,  with  only  Belarus  and  Turkmenistan  ranking  lower.  The

unfavorable investment climate has caused foreign investment inflows to dwindle to a trickle. It is believed that Uzbekistan has the lowest

level of foreign direct investment per capita in the CIS. Since Uzbekistan's independence, U.S. firms have invested roughly $500 million in

the country, but due to declining investor confidence, harassment, and currency convertibility problems, numerous international investors

have left the country or are considering leaving.

[11]

 In 2005, the Central Bank has revoked the license of the nascent Biznes Bank  citing



unspecified violations of local currency exchange rules. The revocation prompted immediate bankruptcy procedures, under which clients'

deposits stay arrested for two month. No interest was accrued during that two-month period. In 2006, the Government of Uzbekistan forced

out Newmont Mining Corporation  (at the time the largest U.S. investor) from its gold mining joint venture in the Muruntau gold mine.

Newmont and the government resolved their dispute, but the action adversely affected Uzbekistan's image among foreign investors. The

government attempted the same with British-owned Oxus Mining. Coscom, a U.S.-owned telecommunications company, involuntarily sold

its stake in a joint venture to another foreign company. GM-DAT, a Korean subsidiary of GM, is the only known U.S. business to have

entered Uzbekistan in over two years. It recently signed a joint-venture agreement with UzDaewooAuto to assemble Korean-manufactured cars for export and domestic sale. Other large U.S.

investors in Uzbekistan include Case IH, manufacturing and servicing cotton harvesters and tractors; Coca-Cola, with bottling plants in Tashkent, Namangan, and Samarkand; Texaco, producing

lubricants for sale in the Uzbek market; and Baker Hughes, in oil and gas development.

Uzbekistan’s banks have demonstrated reasonably stable performance in a largely state-dominated local economy. Sector stability is currently supported by rapid economic growth, low exposure

to external financial markets and the strong external and fiscal position of the sovereign. However, the sector remains vulnerable to possible economic shocks due to weak corporate governance

and risk management, fast recent asset growth, significant directed lending and acquisitions of problem assets. Banks’ foreign currency obligations, specifically those arising from trade finance,

are particularly vulnerable due to existing foreign exchange constraints.

[20]


Natural resources and energy

External trade and investment

Uzbekistan exports in 2006

Graphical depiction of

Uzbekistan's product exports in

28 color-coded categories.

Daewoo Gentra is currently a flagship of

UzDaewooAuto.

Banking


According to Fitch Ratings, there are notable risks of asset quality deterioration in case of a reversal in economic trends. The funding base is mainly short-term, largely sourced from corporate

current accounts, while retail funds account for only a small 25% of total deposits. Longer-term funding is provided by the Ministry of Finance and other state agencies, which comprise a notable

proportion of sector liabilities. Foreign funding is small, estimated at about 10% of the total liabilities, and plans for further borrowings are moderate. Liquidity management is constrained be the

lack of deep capital markets, and banks generally tend to hold substantial cash reserves on their balance sheets. The quality of capital is sometimes compromised by less conservative regulatory

requirements for recognition of credit impairment and by investments in non-core assets.

Silk road route's three important cities are located in Uzbekistan, namely Khiva, Bukhara and Samarkand. There are numerous well connected tourist destinations in Uzbekistan.

[21]

 There are five



UNESCO World Heritage Sites in Uzbekistan and 30 are on tentative list.

[22]


The following table shows the main economic indicators in 1993–2017.

[23]


Year

1993

1995

2000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

GDP in $ 

(PPP)

38.21


Bln.

37.42


Bln.

49.15


Bln.

71.64


Bln.

79.39


Bln.

89.24


Bln.

99.18


Bln.

108.03


Bln.

118.65


Bln.

131.15


Bln.

144.52


Bln.

158.60


Bln.

174.36


Bln.

190.17


Bln.

207.62


Bln.

222.56


Bln.

GDP per


capita in $ 

(PPP)


1,748

1,649


2,005

2,764


3,020

3,349


3,672

3,946


4,277

4,655


4,854

5,244


5,669

6,076


6,519

6,929


GDP growth 

(real)


−2.6 %

−0.9 %


3.8 %

7.0 %


7.5 %

9.5 %


9.0 %

8.1 %


8.5 %

8.3 %


8.2 %

8.0 %


8.0 %

7.9 %


7.8 %

5.3 %


Inflation 

(in Percent)

534.2 %

304.6 %


25.0 %

10.7 %


13.1 %

11.1 %


13.1 %

12.3 %


12.3 %

12.4 %


11.9 %

11.7 %


9.1 %

8.5 %


8.0 %

12.5 %


Government

debt 


(Percentage

of GDP)


...

...


42 %

28 %


21 %

16 %


12 %

11 %


10 %

10 %


11 %

11 %


11 %

9 %


11 %

25 %


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)

Agriculture - products: cotton, vegetables, fruits, grain; livestock

Industrial production growth rate: 6.2% (2003 est.)

Electricity:

production: 47.7 TWh (2002)

consumption: 46.66 TWh (2002)

exports: 4.5 TWh (2002)

imports: 6.8 TWh (2002)

Electricity - production by source:

fossil fuel: 88.2%

hydro: 11.8%

other: 0% (2001)

nuclear: 0%

Oil:

production: 143,300 barrels per day (22,780 m

3

/d) (2004 est.)



consumption: 142,000 barrels per day (22,600 m

3

/d) (2001 est.)



exports: NA

imports: NA

proved reserves: 297,000,000 barrels (47,200,000 m

3

) (1 January 2002)



Natural gas:

production: 63.1 billion m³ (2001 est.)

consumption: 45.2 billion m³ (2001 est.)

exports: 17.9 billion m³ (2001 est.)

imports: 0 m³ (2001 est.)

proved reserves: 937.3 billion m³ (1 January 2002)

Current account balance: $3.045 billion (2007 est.)

Exports - commodities:

[3]


 cotton 17.2%, energy products 13.1%, metals 12.9%, machinery and equipment 10.1%, food products 7.9%, chemical products 5.6%, services 12.1%( 2006)

Imports - commodities:

[3]


 machinery and equipment 40.3%, chemical products 15.0%, metals 10.4%, food products 8.1%, ener

gy products 4.3%, services 9.1% (2006)



Reserves of foreign exchange & gold: $5.6 billion (Dec. 2007 est.)

Exchange rates: UZS per USD - 1,865 (early 2012)

UZS per EUR - 2,900



Current economy growth (6 months of 2009)

[24]


Tourism

Miscellaneous data

GDP growth +8,2%

Volume of industrial production +9.1%

Volume of agricultural production +4,6%

Special economic zones of Uzbekistan



Uzbekistan: Accession of Uzbekistan to the Free Trade Area (FTA) CIS

Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_Uzbekistan&oldid=867879662

"

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 (UTC).

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Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

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2006 (in Russian)

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the

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Archived (https://we

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,

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ek-economy/60-uzbekistan-gdp-forecast-for-2009.html)

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Uzbekistan: Stagnation and Uncertainty (http://www.cris

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 (http://ferg

hana.ru/article.php?id=5395)

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What Is Happening to Tomatoes? (http://www.uznews.net)

, June 26, 2007

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EBRD Uzbekistan Country Factsheet (http://www.ebrd.com/pubs/factsh/country/uz



bek.pdf)

 

Archived (https://web.archive.org/web/20081012131235/http://www



.ebrd.c

om/pubs/factsh/country/uzbek.pdf)

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&ssd=1&sort=country&ds=.&br=1&c=927&s=NGDP_RPCH,PPPGDP

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IPCH,GGXWDG_NGDP&grp=0&a=)

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first half of 2009 (http://traveluzbekistan.info/index.php/uzbek-economy/51-2009-re



sults.html)

See also

References


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