Uzbekistan 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.) Budget: 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 Exports: 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 Imports: 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
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