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    Uzbekistan Economy 1998

      Economy - overview Uzbekistan is a dry, landlocked country of which 10% consists of intensely cultivated, irrigated river valleys. It was one of the poorest areas of the former Soviet Union with more than 60% of its population living in densely populated rural communities. Uzbekistan is now the world's third largest cotton exporter, a major producer of gold and natural gas, 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. Nevertheless, the state continues to be a dominating influence in the economy, and reforms have 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.

      GDP purchasing power parity - $60.7 billion (1997 est.)

      GDP - real growth rate 2.4% (1997 est.)

      GDP - per capita purchasing power parity - $2,500 (1997 est.)

      GDP - composition by sector
      agriculture: 26%
      industry: 27%
      services: 47% (1996 est.)

      Inflation rate - consumer price index 55% (1996 est.)

      Labor force
      total: 8.6 million (1996 est.)
      by occupation: agriculture and forestry 44%, industry and construction 20%, other 36% (1995)

      Unemployment rate 5% plus another 10% underemployed (December 1996 est.)

      revenues: $NA
      expenditures: $NA, including capital expenditures of $NA

      Industries textiles, food processing, machine building, metallurgy, natural gas

      Industrial production growth rate 6% (1996)

      Electricity - capacity 11.822 million kW (1995)

      Electricity - production 45.42 billion kWh (1996 est.)

      Electricity - consumption per capita 1,916 kWh (1996 est.)

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

      total value: $3.8 billion (1996)
      commodities: cotton, gold, natural gas, mineral fertilizers, ferrous metals, textiles, food products, autos
      partners: Russia, Ukraine, Eastern Europe, Western Europe

      total value: $4.7 billion (1996)
      commodities: grain, machinery and parts, consumer durables, other foods
      partners: principally other FSU, Czech Republic, Western Europe

      Debt - external $2.3 billion (of which $510 million to Russia) (1996 est.)

      Economic aid
      recipient: ODA, $71 million (1993)
      note: commitments, $2,915 million ($135 million in disbursements) (1992-95)

      Currency introduced provisional som-coupons 10 November 1993 which circulated parallel to the Russian rubles; became the sole legal currency 31 January 1994; was replaced in July 1994 by the som currency

      Exchange rates Uzbekistani soms (UKS) per US$1 - 75.8 (September 1997), 41.1 (1996), 30.2 (1995), 11.4 (1994), 1.0 (1993)

      Fiscal year calendar year

      NOTE: The information regarding Uzbekistan on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uzbekistan Economy 1998 information contained here. All suggestions for corrections of any errors about Uzbekistan Economy 1998 should be addressed to the CIA.

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    Revised 21-Dec-01
    Copyright © 2001 Photius Coutsoukis (all rights reserved)