Inspiro Group - Travel and Logistics
Inspiro Group - Travel and Logistics
Inspiro Group - Travel and Logistics
96, Boulevard Erkindik, Bishkek,
720040, Kyrgyz Republic
Tel.: +996 (312) 30-46-17, 90-12-95
Fax: +996 (312) 90-12-95
e-mail: booking@inspiro.kg
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Economy


Economy

 
Along with many Commonwealth of Independent States economies, Uzbekistan's economy declined during the first years of transition and then recovered after 1995, as the cumulative effect of policy reforms began to be felt. It has shown robust growth, rising by 4% per year between 1998 and 2003 and accelerating thereafter to 7%-8% per year. According to IMF estimates, the GDP in 2008 will be almost double its value in 1995 (in constant prices). Since 2003 annual inflation rates averaged less than 10%.

Uzbekistan has a very low GNI per capita (US$610 in current dollars in 2006, giving a PPP equivalent of US$2,250).[17] By GNI per capita in PPP equivalents Uzbekistan ranks 169 among 209 countries; among the 12 CIS countries, only Kyrgyzstan and Tajikistan had lower GNI per capita in 2006. Economic production is concentrated in commodities: Uzbekistan is now the world's sixth-largest producer and second-largest exporter of cotton, as well as the seventh largest world producer of gold. It is also a regionally significant producer of natural gas, coal, copper, oil, silver, and uranium. Agriculture employs 28% of Uzbekistan's labor force and contributes 24% of its GDP (2006 data). Facing a multitude of economic challenges upon acquiring independence, the government adopted an evolutionary reform strategy, with an emphasis on state control, reduction of imports, and self-sufficiency in energy. Since 1994, the state controlled media have repeatedly proclaimed the success of this "Uzbekistan Economic Model"and suggested that it is a unique example of a smooth transition to the market economy while avoiding shock, pauperization, and stagnation.

The Republican Stock Exchange (RSE) 'Tashkent' opened in 1994. It houses a securities exchange, real estate traders, the national investment fund and the national securities depositary. It does not trade all joint-stock companies each month and therefore market capitalisation varies widely.

Uzbekistan's external position has been strong since 2003. Thanks in part to the recovery of world market prices of gold and cotton, the country's key export commodities, expanded natural gas and some manufacturing exports, and increasing labour migrant transfers the current account turned into a large surplus – of between 9 and 11 per cent of GDP in 2003-05 – and foreign exchange reserves, including gold, more than doubled to around US$3 billion.



Inspiro Group - Travel & Logistics


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