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Uzbekistan economic system

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by

Eric Walker

on 29 November 2012

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Transcript of Uzbekistan economic system

What goods are produced? Uzbekistan has three main working industries. Agriculture is the greatest, with 44 % of the working population, followed by services (36%) and industry (20%). This shows that Uzbekistan is, more or less, a farming country. Of course, a weird fact is that the sector that actually produces the most GDP is the services industry (40%). Despite having the smallest percent of the working population, industries beat out agriculture with 38% of the GDP. Agriculture was far behind, at 22 %. So, what does that mean?
The products that are produced by industries in Uzbekistan are way more valuable than the products produced by the agriculture industry, despite having a much smaller workforce. Agriculture produces cotton, vegetables, fruits, grains, and livestock. Industries, on the other hand, accounts for the production of textiles, the processing of food, building machines, metallurgy (the scientific production of metals), mining, hydrocarbon extraction, and chemicals/cleaners production. The service industry accounts for people jobs, such as employees for restaurants, merchandisers, and anyone working in the tourism industry (the money produced by these jobs earns the GDP for the service industry). Determine who goods are for: Keep or export Out of the products Uzbekistan produces, most products from the industry sector they export, while they keep most of the products from their agriculture sector. In agriculture, the sector with the largest workforce in Uzbekistan, cotton products, vegetables, fruits, grains, and livestock are produced. Out of that, Uzbekistan only exports cotton products out of the country. The industry sector, however, exports almost everything the produce. The industry sector produces textiles, metallurgy products (scientifically created metals), chemicals/cleaners, products from mining, the extraction of hydrocarbon (a mineral liquid), processes foods, and also accounts for the building of machines. Exports from the industry sector include: Food products, machines/automobiles (classified under machine building), mineral fertilizers (chemical), textiles, and, from mining, ferrous and non ferrous metals (metals that contain iron and those that don't), and gold. (Uzbekistan also exports energy, which doesn't officially fit into either list). The only two products not exported from the Uzbekistan industry sector is metallurgy products and products from hydrocarbon extraction. When looking at exports in the agriculture sector and those in the industry sector, you could come to the conclusion that most agricultural products are traded within the country. Export partners Uzbekistan conducts most of its trade within Asia and Europe. Its export partners include: Russia (21% of exports), Turkey (17%), China (15%), Kazakhstan (10%), and Bangladesh (9%). Uzbekistan mostly exports out of its region. Its only export partner within proximity of the country is Kazakhstan; which only accounts for 10% of Uzbekistan's exports. Workers pick cotton at a cotton field in Uzbekistan
(above). The agriculture sector has the largest workforce in Uzbekistan. Economic system Uzbekistan runs on a traditional mixed economy. But that may change, as Uzbekistan is on course to become just a market economy. A mixed economy, Uzbekistan's current economic system, consists of a mixture of a government run command economy (all guidelines) and a market economy (no guidelines). It creates a stable economy, with guidelines on quality and what a business can sell, but no real restrictions (the government can legally tell a business to not sell radioactive toys because it affects the well being of the public, but it can't tell them not to sell normal, plastic toys without a just cause). This is the most well known and used economic system in the world. A market economy, the economic system that Uzbekistan is leaning towards, has few to none guidelines. It is a highly competitive system, with businesses deciding what to sell on their on terms, without much government interference. There are no countries in the world that fully run on a market system, but many marketplaces (especially those in developing countries) are run by this system. It is a known fact that most of these places sell illegal contraband. Above, the Uzbekistan national flag Imports Uzbekistan takes in many key items. Their imports include foodstuffs, ferrous and non-ferrous metals (metals with and metals without iron), chemicals/cleaners, and machinery and equipment. Some of those objects Uzbekistan also produces, yet in small quantities. Most of Uzbekistan's import partners are also their export partners. Uzbekistan gets imports from Russia (21% of imports), South Korea (19%), China (15%), Germany (7%), and Kazakhstan (6%). GDP Currently, Uzbekistan's GDP (Gross Domestic Product) has been steadily rising for the past several years. Uzbekistan went from being one of the poorest developed nations when it succeeded from the Soviet Union in 1994 to one of the richer nations in Asia. You can see that trend by just looking at their GDP for the past three
years. Uzbekistan's product was worth a total of 81.05 billion in 2009. That
number rose to 87.94 billion in 2010,
and rose again in 2011, to
95.24 billion Uzbekistan economic system By Eric
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