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Economy of Uzbekistan

Economy of Uzbekistan
CurrencySum (UZS)
Calendar year
Trade organisations
CIS, ECO, SCO, CISFTA, WTO (observer)
Country group
Statistics
PopulationIncrease 37 000 764 (2024)[3]
GDP
  • Increase $104.41 billion (nominal, 2024 est.)[4]
  • Increase $450.646 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • 5.4% (2018) 5.6% (2019e)
  • 1.6% (2020f) 7.4% (2021f)[5]
GDP per capita
  • Increase $2,666 (nominal, 2024)[4]
  • Increase $11,316 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
14.1% (2020 est.)[4]
Population below poverty line
  • 5.1% (2023 est.)[6]
  • Negative increase 10.4% on less than $3.20/day (2019)[7]
36.7 medium (2013)[8]
Labour force
  • Increase 15,555,364 (2019)[11]
  • Decrease 67.4% employment rate (2018)[12]
Labour force by occupation
  • agriculture: 25.9%
  • industry: 13.2%
  • services: 60.9%
  • (2012 est.)[6]
Unemployment
  • Negative increase 5.3% (2020)[13]
  • 20% underemployed (2017 est.)[6]
Main industries
automotive, textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals[6]
External
ExportsIncrease $24.8 billion (2023 est.)[6]
Export goods
energy products, cotton, gold, mineral fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery, automobiles[6]
Main export partners
ImportsIncrease $38.2 billion (2023 est.)[6]
Import goods
machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals[6]
Main import partners
Increase $1.713 billion (2017 est.)[6]
Negative increase $16.9 billion (31 December 2017 est.)[6]
Public finances
Negative increase 24.3% of GDP (2017 est.)[6]
+0.3% (of GDP) (2017 est.)[6]
Revenues15.22 billion (2017 est.)[6]
Expenses15.08 billion (2017 est.)[6]
Economic aid$172.3 million from the U.S. (2005)
Increase $16 billion (31 December 2017 est.)[6]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Uzbekistan was formerly associated with a Soviet-style command economy, with a slow transformation to a market economy.[16] However, in recent years and since the election of President Shavkat Mirziyoyev, Uzbekistan has seen rapid economic and social reform, aimed at boosting growth and transforming Uzbekistan into a true, modern market economy.[17] International Financial Institutions, including EBRD, Asian Development Bank and the World Bank are actively engaging in supporting Uzbekistan's successful reform process and have rapidly increased their presence in the country.[18]

To this point, governmental economic policy reforms had been cautious. Under the administration of Islam Karimov currency conversion capacity was restricted and many 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 led international lending organizations to suspend or scale back credits.

Uzbekistan is a major producer and exporter of cotton, and bans on cotton import were implemented in the early 2010s due to international human rights concerns. However, in 2022, the Cotton Campaign and other agencies, including the US Government, lifted all bans on the import[19] of Uzbek cotton. According to the Organized Crime and Corruption Reporting Project (OCCRP), Vlast, and iStories, after February 24, 2022, Uzbekistan significantly increased its exports of cotton pulp and nitrocellulose, key components for making explosives and gunpowder, to Russia. According to Ekonomichna Pravda, at least two large Uzbek exporters have been working with Russian military-industrial complex enterprises. Documents from the Russian Federal Tax Service confirm that at least three Russian companies - Bina Group, Khimtrade, and Lenakhim - sold imported cotton pulp to military plants in Russia. Among them: Kazan Powder Plant (a strategic defense-industrial enterprise that produces gunpowder and charges for various types of weapons, subject to US sanctions), Tambov Powder Plant (a defense-industrial enterprise that produces ammunition and special chemicals, It is subject to US and Ukrainian sanctions), Perm Powder Plant (an enterprise involved in the production of Topol-M and Bulava intercontinental ballistic missiles, as well as Kornet ATGMs and Grad and Smerch multiple rocket launchers. It is under Ukrainian sanctions).[20][21][22]

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.

Since 2016 and the new president Shavkat Mirziyoyev coming to his position, there have been significant economic reforms in Uzbekistan. The country liberalised the currency in 2017, allowing freer flows of foreign currency and allowing the import and export of goods, and the path to foreign investment.[23] 2019 tax reforms also allowed company consolidation, tax simplification and the professionalisation of the Private sector.[24] The Government is also committed to privatisation of State Owned Enterprises (SOEs), with the domestic IPO of UzAuto predicted in 2022.[25]

The Uzbekistan Economic Forum run by the Ministry of Finance of the Republic of Uzbekistan, brings together IFIs, businesses, government officials and other stakeholders on an annual basis. The first iteration was in Tashkent, and the Uzbekistan Economic Forum II took place in Samarkand.[26] In December 2022, the Uzbek Government received a loan from the World Bank of almost US$1bn to "implement strategic reforms".[27] Today, the volume of GDP of Uzbekistan has reached 146B dollars

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Population, total - Uzbekistan". data.worldbank.org. World Bank. Retrieved 18 February 2020.
  4. ^ a b c d e "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 12 November 2023.
  5. ^ Global Economic Prospects, June 2020. World Bank. 8 June 2020. p. 80. doi:10.1596/978-1-4648-1553-9. ISBN 978-1-4648-1553-9. S2CID 225749731. Archived from the original on 10 June 2020. Retrieved 16 June 2020. {{cite book}}: |website= ignored (help)
  6. ^ a b c d e f g h i j k l m n o p "CENTRAL ASIA :: UZBEKISTAN". CIA.gov. Central Intelligence Agency. Archived from the original on 3 February 2021. Retrieved 10 February 2020.
  7. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Uzbekistan". data.worldbank.org. World Bank. Archived from the original on 7 December 2022. Retrieved 10 February 2020.
  8. ^ "Income Gini coefficient". hdr.undp.org. UNDP. Archived from the original on 10 June 2010. Retrieved 10 February 2020.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 15 December 2019. Retrieved 11 December 2022.
  10. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 11 December 2019.
  11. ^ "Labor force, total - Uzbekistan". data.worldbank.org. World Bank. Archived from the original on 7 December 2022. Retrieved 10 February 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Uzbekistan". data.worldbank.org. World Bank. Archived from the original on 7 December 2022. Retrieved 10 February 2020.
  13. ^ "Unemployment, total (% of total labor force) (national estimate) - Uzbekistan". data.worldbank.org. World Bank. Archived from the original on 1 April 2023. Retrieved 18 February 2020.
  14. ^ "Where does Uzbekistan export to? (2022)". oec.world. OEC - The Observatory of Economic Complexity. Retrieved 13 March 2024.
  15. ^ "Where does Uzbekistan import to? (2021)". oec.world. OEC - The Observatory of Economic Complexity. Retrieved 13 March 2024.
  16. ^ "Uzbekistan". The World Facebook. CIA. Archived from the original on 3 February 2021. Retrieved 29 October 2019.
  17. ^ "Economic reforms in Uzbekistan: Achievements, problems, perspectives". 13 July 2020.
  18. ^ "Uzbekistan welcomes global investors and IFIs to Economic Forum". 3 November 2022.
  19. ^ "US government lifts ban on imports of cotton from Uzbekistan". 29 September 2022.[permanent dead link]
  20. ^ "Central Asian Cotton Powers Russia's Sanctioned Gunpowder Plants".
  21. ^ "White and fluffy death. How Uzbekistan and Kazakhstan help Russians produce gunpowder".
  22. ^ "Порох, хлопок и принудительный труд. Кто поставляет сырье российским оружейным заводам?".(in Russian)
  23. ^ Uzbekistan Reforms: Status, Outlook and Risks.fitchratings.com. Retrieved 2024-02-07
  24. ^ "State Tax Committee to hold a workshop on changes in the country's tax system".
  25. ^ "UzAuto Motors' IPO is set to become largest stock offer in Uzbekistan".
  26. ^ https://www.economic-forum.uz/[permanent dead link] [bare URL]
  27. ^ "Uzbekistan gets about 1-BLN-USD World Bank loan for strategic reforms-Xinhua".

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