Confidus Solutions logotype

Confidus Solutions

Economy of Uzbekistan

Uzbekistan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Uzbekistan may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Uzbekistan exports around $14.91 billion and imports roughly $12.64 billion. 7.2% of population in the country are unemployed. The total number of unemployed people in Uzbekistan is 2,330,280. In Uzbekistan, 17% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Uzbekistan is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 7.4% of GDP. The Gini Index of the country is 36.8. Uzbekistan is experiencing good equality. The majority of citizens in Uzbekistan fall within a narrow range of income, although some cases may show significant differences. Uzbekistan has a Human Development Index (HDI) of 0.661. Uzbekistan has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Uzbekistan is 2.187. The strength of legal rights index for Uzbekistan is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Uzbekistan is Uzbekistani so'm. The plural form of the word Uzbekistani so'm is soms. The symbol used for this currency is som, and it is abbreviated as UZS. The Uzbekistani so'm is divided into Tiyin; there are 100 in one so'm.

Credit rating

The depth of credit information index for Uzbekistan is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem.

Central bank

In Uzbekistan, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Republic of Uzbekistan. Locally, the central bank of Uzbekistan is called O'zbekiston Respublikasi Markaziy Banki, Ўзбекистон Республикаси Марказий Банки.

Public debt

Uzbekistan has a government debt of 8.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Uzbekistan is set at 8%. Personal income tax ranges from 7.5% to 22%, depending on your specific situation and income level. VAT in Uzbekistan is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Uzbekistan is $172298 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Uzbekistan was last recorded at $5 million. PPP in Uzbekistan is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Uzbekistan is 57,210 billion. Based on this statistic, Uzbekistan is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Uzbekistan was last recorded at $2 million. The average citizen in Uzbekistan has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Uzbekistan averaged 7% in 2014. According to this percentage, Uzbekistan is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Uzbekistan.

Industry

Major industries in the country are textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals. The total labor force of Uzbekistan is 15,252,890 people, wherein 7.2% of population in the country are unemployed. The total number of unemployed people in Uzbekistan is 2,330,280. The Industrial Production growth rate of Uzbekistan is 7.1%.To read more about industrial information within Uzbekistan click on industry of Uzbekistan.

Agriculture

There are 44710 km2 of arable land in Uzbekistan, and it comprises 10% of the country's total territory. There are 47943 km2 of cultivated land in Uzbekistan. The country's major agricultural crops and products are cotton, vegetables, fruits, grain, livestock.To read more about agriculture click on agriculture of Uzbekistan.