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Uzbekistan
Economy
Gross National Product (GNP): In 1993, US$31
billion, or US$1,346 per capita. In 1994 growth rate -4 percent.
Cautious reform avoided major post-Soviet declines of other Central
Asian states; strong resource base promises prosperity given systemic
reform.
Agriculture: Cotton remains primary crop, requiring
heavy irrigation; entire system geared for its production. Failure
to expand grain culture has led to heavy food imports. Other crops
wheat, oats, corn, barley, rice, fodder crops, fruits, and vegetables.
Industry and Mining: Slow diversification, early
1990s, from Soviet-era specialization in cotton-related and mineral-processing
operations. Heavy industry, centered in northeast, mainly petroleum
and mineral processing, machinery, ferrous metallurgy, chemicals,
and electric power. Light industry dominated by fabric and food
processing. Gold, copper, zinc, lead, tungsten, uranium, molybdenum,
and fluorospar mined.
Energy: Large untapped natural gas reserves,
small coal and oil production; two newly tapped oil fields have
high potential. Coal mainly in northeastern industrial region.
Hydroelectric power system well-developed on three major rivers;
thermo-electric stations burn natural gas or coal.
Exports: Worth US$3.0 billion in 1994. As in
Soviet period, dominated by minerals, cotton, cotton-related machinery,
textiles, and fertilizers. Chief customers remain in Com-monwealth
of Independent States (CIS): Russia, Kazakstan, Ukraine, Turkmenistan,
and Kyrgyzstan. Export licensing liberalized 1994, but market
expansion slow.
Imports: Worth US$2.5 billion in 1994. Mostly
non-textile consumer goods, grain and other foods, machinery,
and ferrous metals; chief suppliers Russia, Ukraine, Kazakstan,
Turkmenistan, Belarus, and Kyrgyzstan. Import licensing discontinued,
quotas reduced, 1994.
Balance of Payments: In 1992, US$107 million
deficit.
Exchange Rate: Provisional currency unit, som,
introduced November 1993, made permanent July 1994. In 1996, rate
thirty-five som per US$1. Stabilized and convertibility liber-alized
1995; full convertibility promised 1996.
Inflation: Hyperinflation (1,100 percent) 1993,
270 percent 1994 after second-half slide of som's value. Government
control remains on prices of basic commodities and fuels, but
prices of other items rose very fast after decontrol, 1992 and
1993.
Fiscal Year: Calendar year.
Fiscal Policy: Tax system reformed with addition
of value-added and profits tax, beginning 1992; main revenues
of 1993 state budget from value-added tax, corporate income tax,
cotton marketing, and individual income tax; 1993 state budget
deficit 200 million rubles, 12 percent of revenue.
Data as of March 1996
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