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Economy

After sovereignty of Uzbekistan was declared in December 1991, the Government sought to prop up its Soviet-style command economy with subsidies and tight controls on production and prices. But having faced a high inflation in mid 1994, the Government turned towards a more rigid monetary policy, privatization and creating favorable conditions for foreign investors. However, the state still keeps control over major sectors of economy, and the reforms still haven’t caused necessary structural changes. Increasing public debt, high inflation rate and unfavorable conditions for business activity are the key factors hampering the economic growth in Uzbekistan.

The country has strategic rough mineral resources of oil, gas, ores of ferrous, nonferrous and precious metals. Estimated amount of total rough mineral resources of Uzbekistan equals to $3.3 trillion. Annually extracted minerals amount to about 95.5 billion Uzbek sum (about $900 million).

Uzbekistan is the major producer and supplier of cotton and cotton products in the CIS. The country ranks world number five for cotton production and number two for cotton export.

The foreign debt of Uzbekistan equals to about $8 billion.

Main Economic Indicators

GDP
According to the official reports, the Uzbek economy enjoys a positive GDP dynamics starting from 1996. During last years the real growth rate of GDP has become stabilized at about 4.0 – 4.5%. Inflation rate was sharply reduced in 2003 due to the rigid monetary policy. Among the reasons for the GDP growth are: the improvement of the international market conditions for the major export goods, devaluation and unification of the exchange rate and the rise of exports.

Inflation rate
Uzbek official statistics testifies to a significant inflation rate decrease for already two years running. IMF analysts disagree with these data insisting the inflation rate to exceed 15% in 2004.

Foreign trade
Uzbekistan has a black-ink balance of foreign trade.

Employment
Positive economic trends of recent years contribute to unemployment rate decrease, which is 3.6% of economically active population as to the end of 2003 (accordingly to the ILO).

Main Macroeconomic Indicators of Uzbekistan

 

2000

2001

2002

2003

Gross Domestic Product, as % of the previous year

103,8

104,2

104,0

104,4

GDP Deflator, %

147,3

145,2

145,5

124,3

Consumer Prices Index, %

28,2

26,6

21,6

3,8

Unemployment Rate, as to the beginning of the year

   

4,4

3,9

Consolidated Budget Revenues, % of GDP

37,1

34,6

33,3

32,7

Consolidated budget Expenditures, % of GDP

0,8

0,9

0,8

0,2

Gross Savings, % of GDP

19,4

20,0

22,4

26,7

Fixed Capital Investments,% of GDP

21,4

24,2

19,4

19,3

Exchange Rate as to the end of the year (Sum/USD)

325

688

970

980

Exports (USD million)

3264,7

3170,4

2988,4

3725,0

Imports (USD million)

2947,4

3136,9

2712,0

2964,2

Source: State Department for Statistics of Uzbekistan

Statistics

Interstate Statistical Committee of the CIS - www.cisstat.com
Official statistical information on social and economic situation in the CIS countries

MAJOR FINANCIAL AND INDUSTRIAL GROUPS

Unlike other CIS countries Uzbekistan has no business elite. Many agents of the executive authority lead various businesses and this system does not result in birth of so called “oligarchs”. The following have the highest financial potential: Mirabror Usmanov, currently a Senate Member, Head of the Senate Committee for Commerce (earlier he held the office of Deputy Prime Minister majoring in commerce control), Gulnara Karimova, currently Minister-Councillor in the Embassy of Uzbekistan in the Russian Federation (daughter of President Islom Karimov) and businessmen Gafour Rakhimov and Salim Abduvaliyev.

 



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