Uzbekistan holds a prominent global position in terms of gold reserves, ranking fourth worldwide, and is the seventh-largest gold producer with an annual output of approximately 92 tons. Additionally, it holds notable positions in copper (10-11th in reserves) and uranium (11-12th in reserves, 7-8th in production), as reported by the World Nuclear Association, the European Nuclear Society, and the British Geological Survey.

As of 2011, the sectoral structure of Uzbekistan's GDP indicates a diverse economy, with agriculture contributing 17.6%, industry 24.0%, services 23.9%, transport and communications 11.7%, trade and public catering 8.8%, construction 6.0%, and net taxes 7.8%. This represents a shift from the 1991 composition, with increased shares in agriculture (37.4%), industry (26.3%), and construction (10.4%).

Significant privatization efforts were undertaken in 1994-1995, transferring 18,281 enterprises into private hands, followed by a smaller wave in 2001-2005, privatizing 6,698 enterprises. Notably, around 21% of enterprises were privatized through corporatization during the first wave, while this figure decreased to just over 8% in 2001-2005. From 2007 to 2010, privatization occurred exclusively through direct sales. In total, 30,731 enterprises were denationalized in Uzbekistan between 1994 and 2010.

Uzbekistan possesses approximately 40 uranium deposits, with explored and estimated reserves totaling 185.8 thousand tons. Despite not having its own atomic industry, the country exports all low-enriched uranium it produces.

The country has established a robust mineral resource base, comprising more than 1,800 deposits, 1,644 prospective mineral manifestations, and 118 types of mineral raw materials, with an estimated value of around 11 trillion dollars, according to experts.

The Uzbek economy demonstrates strengths in various sectors, such as a thriving cotton market, record grain harvests (exceeding 8 million tons in 2014), significant oil and gas reserves, and the production of agricultural machinery, including automobiles. Uzbekneftigaz, the national energy company, ranks 11th globally in natural gas production.

Uzbekistan's GDP structure reveals a reliance on agriculture (38%), industry (26%), and services (36%). Despite economic challenges, the GDP experienced an 8.5% growth in 2010, making Uzbekistan the third-largest exporter and the sixth-largest cotton producer globally in 2008.

In 2009, industrial production increased by 9.0%, agricultural products by 5.7%, construction work volume by 33.1%, paid services by 12.9%, and retail turnover by 16.6%. The workforce distribution is 44% in agriculture, 20% in industry, and 36% in the service sector.

Uzbekistan boasts abundant natural resources, including natural gas (proven reserves up to 2 trillion m³), coal (Angren deposit with reserves up to 1.9 billion tons of brown coal), uranium ore reserves (total up to 230 thousand tons, including the Uchkuduk deposit), and hydropower resources from rivers like Chirchik, Ahangaran (Angren), and Surkhandarya.

According to the HSBC global bank's report "World in 2050," Uzbekistan is considered one of the fastest-growing economies globally, ranking among the top 26 in the coming decades.

Agriculture

Towards the end of the Soviet era, Uzbekistan heavily relied on cotton, essentially practicing monoculture on a large scale. Following the declaration of independence, there was a notable shift in the agricultural sector away from cotton towards other crops. The wheat cultivation area expanded from 433.2 thousand hectares to 1404.1 thousand hectares, and the average yield surged from 12.8 centners per hectare to 47.3 centners per hectare.

Consequently, between 1991 and 2013, the annual output of raw cotton decreased from 4,446.0 thousand tons to 3,460.1 thousand tons. However, there was a substantial rise in the annual production of food crops during the same period: grain witnessed a 3.5-fold increase (from 1908.2 thousand tons to 6612.2 thousand tons), vegetables grew 2.3 times (from 3348.0 thousand tons to 7767.4 thousand tons), potatoes surged 5.9 times (from 351.2 thousand tons to 2057.1 thousand tons), melons increased by 1.5 times (from 925.8 thousand tons to 1418.4 thousand tons), fruit experienced a 3.9-fold growth (from 516.6 thousand tons to 2052.8 thousand tons), and grapes saw a 2.5-fold increase (from 480.4 thousand tons to 1206.0 thousand tons).

Additionally, over the period of independence, animal husbandry flourished with a 2.1-fold increase in meat production (from 800.2 thousand tons to 1672.9 thousand tons) and a 2.2-fold increase in milk production (from 3331.4 thousand tons to 7310.9 thousand tons) between 1991 and 2013.

Small farms, averaging 18 workers each, played a significant role in agricultural production. In 2013, there were 73.5 thousand such farms covering an area of 5.8 million hectares throughout the republic.

POWER SUPPLY

As of the beginning of 2013, Uzbekistan's power system encompassed 45 operational power plants with a collective capacity exceeding 12.4 thousand MW. Among them, the 16 power plants managed by the State Joint-Stock Company Uzbekenergo boasted a total capacity exceeding 12 thousand MW. The potential for electricity production in the country was estimated to be between 56-57 billion kWh.

The installed capacity of power plants in Uzbekistan constitutes approximately 50% of the total generating capacity of the Unified Energy System of Central Asia. In 2016, Uzbekistan generated a total of 59 billion kWh of electricity. Heat supply to consumers in 2012 amounted to 18.876 million gigacalories.

Electricity generation primarily occurs at thermal power plants, including facilities like Angren, Novo-Angren, Navoi, Talimarjan, and others. The largest power station in Uzbekistan and Central Asia as a whole is the Syrdarya Thermal Power Plant, boasting an installed capacity of 3000 MW since its commissioning in 1966.

Uzbekistan also has several hydroelectric power plants, including the Gissarak Hydroelectric Station with a capacity of 45 MW, Farhad Hydroelectric Station with a capacity of 126 MW, Andizhan Hydroelectric Station with a capacity of 190 MW, Charvak Hydroelectric Station with a capacity of 600 MW, and the Chirchik-Bozsu Cascade of Hydroelectric Stations with a combined capacity of 1200 MW.

Fuel and energy resources

As of today, the primary fuel and energy resources structure in the country comprises 97% oil and gas, 2.3% coal, and 0.7% hydropower. A prominent entity in Uzbekistan's energy landscape is UzTransGaz.

Oil and gas resources

Geological reserves of oil amount to 5 billion tons.

Proved oil reserves are at 100 million tons.

Geological reserves of natural gas surpass 5 trillion cubic meters.

Proved natural gas reserves are estimated at 1.1 trillion cubic meters.

As per the projections of the Center for Economic Research (CER) of Uzbekistan, maintaining current consumption trends, natural gas and coal reserves are anticipated to last for the next 20-30 years, while oil reserves are nearly depleted.

Oil and Gas Extraction:

In 2017, oil production in Uzbekistan reached 806 thousand tons, and natural gas production amounted to 56.4 billion cubic meters.

The capacity of the National Company "Uzbekneftegaz" enables the production of approximately 60-70 billion cubic meters of natural gas and 8 million tons of liquid hydrocarbons annually.

Uzbekneftegaz JSC holds the 11th position globally in terms of natural gas production.

Key corporations in Uzbekistan's energy sector include CNPC (China National Petroleum Corporation), KNOC (Korea), Gazprom, Lukoil, and Uzbekneftegaz.

Uzbekistan stands as the 10th largest consumer of natural gas globally.

Oil and gas processing

As of the commencement of 2016, confirmed oil reserves in Uzbekistan stand at 81 million tons. Primary oil fields are situated in the Karakalpak Autonomous Republic and six administrative regions: Kashkadarya, Bukhara, Surkhandarya, Namangan, Andijan, and Fergana. The major portion of reserves is centered around the country's largest Kokdumalak field. Development activities at this field, which extends into Turkmenistan's territory (accounting for over 50% of the reserves), are governed by the intergovernmental Agreement between Uzbekistan and Turkmenistan signed in March 1997. Pursuant to the terms of this agreement, a portion of the produced oil is supplied to the Seydi oil refinery in Turkmenistan at no cost.

Since 2003, Uzbekistan has been importing oil from the Kumkol field in southern Kazakhstan. In addition to Kazakh oil supplies, volumes of Turkmen raw materials also reach Uzbekistan. In 2016, Petrochina from China delivered approximately 111 thousand tons of gas condensate (compared to 125 thousand tons in 2015) from Turkmenistan to the Bukhara refinery.

Uzbekistan hosts two major refineries – the Bukhara Refinery (with a fuel profile of 2.5 million tons per year), the Fergana Refinery (with a fuel-oil profile and a capacity of 5.5 million tons per year), and the Alty-Aryk Refinery (with a fuel-oil profile and a capacity of 3.2 million tons per year). Reports indicate that their utilization does not exceed 50% due to a decline in oil production. Additionally, a small Uzbek-Russian joint venture named "Djarkurganoilproccessing" operates in the Surkhandarya region to process heavy oil.

The transportation sector consumes 52% of petroleum products in the country, followed by agriculture (16%), power industry (13%), and industry (5%). The Fergana Oil Refinery, established in 1959, currently produces around 60 types of petroleum products with a design capacity of 5.5 million tons of oil per year.

Gas processing activities are conducted at the Mubarek gas processing plant, operational since 1971. The plant's current capacity is approximately 30 billion cubic meters of natural gas and the production of over 570 thousand tons of gas condensate annually.

In 2017, the volume of Russian oil imports to Uzbekistan amounted to 68.2 thousand tons.

OGas Pipeline China-Central Asia is an extensive pipeline system originating at the border between Turkmenistan and Uzbekistan, traversing through Uzbekistan and Kazakhstan, and concluding at the Khorgos Chinese border checkpoint. The pipeline spans a length of 1833 km. Commencing construction in late June 2008, the second branch of the pipeline was commissioned in October 2010. The final phase of the gas pipeline's construction, the third branch, is slated for completion in 2013.

COAL INDUSTRY

Uzbekistan has explored coal reserves amounting to 1,832.8 million tons, encompassing 1,786.5 million tons of brown coal and 46.3 million tons of stone coal. Anticipated resources are estimated at 323.4 million tons of coal. Coal mining activities in the country are carried out at three fields: Angren (brown coal), Shargun, and Baisun (stone coal). The sole enterprise representing the coal mining sector in Uzbekistan is the Joint-stock company "Uzbekcoal."

The primary functions of Uzbekcoal include exploration, mining, supply, storage, processing, and sale of coal products, along with various associated minerals. Official statistics indicate a 4.4% increase in coal production in Uzbekistan in 2017 compared to 2016, reaching 4.038 million tons. The predominant consumer of coal fuel is the electric power sector, constituting over 85% of the total coal consumption.

INDUSTRY

METALLURGY

Ferrous metallurgy

The OJSC "Uzbek Metallurgical Plant" (OJSC "Uzmetkombinat"), situated in Bekabad, Tashkent region, and established in 1956, accounts for 90% of the ferrous metallurgy production in the republic. At the conclusion of 2012, OJSC Uzmetkombinat experienced a 0.4% growth in steel production compared to 2011, reaching 736.3 thousand tons. In the past, the plant processed scrap metal from all Central Asian republics. However, a current reduction in scrap supply has resulted in the enterprises not operating at full capacity.

Non-ferrous metals

Copper and silver

The Almalyk Mining-Metallurgical Plant (AMMP) stands as the sole copper producer in Uzbekistan and is one of the leading non-ferrous metal producers in the Central Asian region. AMMP contributes to approximately 90% of silver production and 20% of gold production in the republic. Comprising two mining enterprises, two concentration plants, and two metallurgical plants with dedicated infrastructure, the plant achieves an annual production value exceeding 300 million dollars. With the authorization to exploit copper-molybdenum and lead-zinc ore deposits in the vicinity of Almalyk (Tashkent region), AMMP relies on the Kalmakyr and Sary-Cheku porphyry copper ore deposits (Tashkent region) and the Uch-Kulach lead-zinc-barite ore deposit (Jizzakh region) as its raw material base.

Tungsten

The Uzbek Plant of Refractory and Heat-Resistant Metals (UzRHRM), established in 1956 in Chirchik, is responsible for the processing of tungsten ores and molybdenum discovered in the republic.

Gold mining

Uzbekistan stands as the fourth-largest holder of total gold reserves globally and is positioned ninth in terms of gold production, having extracted 90 tons of gold in 2012. Currently, the State Geo-Committee of Uzbekistan reports the discovery of 41 gold deposits, nine of which are in the development phase, primarily situated in the river basins of Zaravshan and Kyzylkum.

Proven and confirmed gold reserves in Uzbekistan amount to approximately 2.1 thousand tons, with total reserves reaching about 3.35 thousand tons. Gold mining activities are predominantly carried out by two production plants, namely the Navoi Mining and Metallurgical Combine (NMMP) and the Almalyk Mining and Metallurgical Plant (AMMP).

At the State Enterprise Navoi Mining and Metallurgical Combine (NMMP), gold production has exceeded 60 tons in recent years, contributing significantly to the national production of approximately 90 tons. The NMMP industrial complex encompasses five metallurgical plants located in Navoi (GMZ-1), Zarafshan (GMZ-2), Uchkuduk (GMZ-3), and Zarmitan (GMZ-4), along with the Marjanbulak Gold Recovery Plant (MGRP) situated in the village of Marjanbulak, Samarkand.

Automobile industry

JV MAN Auto-Uzbekistan stands as a collaborative effort between Uzavtosanoat joint-stock company and MAN Truck & Bus AG from Germany. Meanwhile, SamAvto LLC, established in 2006, focuses on the production of trucks with a carrying capacity ranging from four to 18 tons and passenger city buses designed to accommodate 37 individuals, utilizing the chassis from the Japanese company Isuzu.

The joint venture GM Uzbekistan, formerly known as UzDaewooAuto, demonstrated robust car production, reaching 135.5 thousand units in 2017. Tashkent Tractor Factory (TTF) specializes in the manufacturing of tractors and tractor trailers, specifically designed for the bulk transport of cotton.

Within the electrotechnical industry, the production of electrical goods is spearheaded by the Uzbek-Russian joint venture "Uzelektroapparat-Elektroshchit," established on the foundation of the former lead enterprise, the Scientific-Production Association "Sredazelektroapparat," initiated in 1941. In the realm of household appliances, the prominent Artel group of companies, an integral part of the AKFA GROUP holding, holds a market share exceeding 50% in the country as of the close of 2017.

Key players in the industry include the Tashkent Cable Plant, now the state joint-stock company "Uzkabel," along with Andijan-based entities such as "Elektroapparat" and "Andijancable." Tashkent also hosts plants like "Zenit" producing equipment for televisions and video devices, and Algorithm, specializing in the production of contemporary televisions and other related equipment. The household refrigerator plant "СИНО," with an annual capacity of 250 thousand units, commenced operations in 1973 under the name of the production association "Electrobytmash." Chinese companies Henan Henfey Electric and Hayer Group contributed equipment valued at 5.5 million dollars in 2004.

TRANSPORT

Railway transport

In Uzbekistan, the railway network spans a total length of 6,500 kilometers, with 1,100 kilometers electrified. Over the years of independence, railways were strategically developed, encircling the Turkmen territory, leading to enhanced transport autonomy through routes like Uchkuduk – Miskin – Nukus and Tashguzar – Baysun – Kumkurgan.

The presence of a high-speed railway is notable, featuring Afrosiyob trains operating seven days a week. The railway system contributes significantly to the country's transport landscape, with an annual freight turnover constituting approximately 90% of the total freight turnover across all transportation modes.

Uzbekistan Railways State Joint-Stock Railway Company (SJSRC) facilitated the transportation of 68 million tons of cargo and served 21.1 million passengers in 2016. The repair and production of rolling stock, including tank wagons, covered wagons, and gondola cars, are managed by the "O’ZTEMIRYO’LMASHTA’MIR" Unitary Enterprise. This enterprise incorporates entities such as the "Tashkent Diesel Locomotive Plant," "Andijan Mechanical Plant" (established in 1987), "Pakhtaabad Car Repair Plant," DP "Foundry-Mechanical Plant" (founded in 2003), and the Locomotive depot Samarkand.

JSC "Tashkent Plant for the Construction and Repair of Passenger Cars" produces passenger rolling stock under the "Made in Uzbekistan" brand. Contracts have been established for supplying modernized passenger cars to Russia and Kazakhstan.

There are plans for the construction of the "China-Kyrgyzstan-Uzbekistan" railway. Preliminary projections suggest a route reduction of approximately 900 kilometers and a time-saving of 7-8 days for travel between East Asia and the Middle East/Southern Europe. The detailed rail route connecting China, Kyrgyzstan, and Uzbekistan is expected to be finalized by April 2018.

Air transport

Uzbekistan Airways, the country's flagship airline, operates a network of 11 airports, with six of them holding international status. The airline's fleet comprises 27 aircraft, and in the year 2017, it facilitated the transportation of 2.703 million passengers.

International trade

Uzbekistan's exports encompass a diverse range of products and services, including energy and oil products, food items, ferrous and non-ferrous metals, chemical goods, cotton fiber, machinery, and equipment. Over the years, there has been a notable shift in the country's export structure. While the service sector now constitutes a significant portion at 25.1%, the contribution of cotton fiber has decreased from 59.7% to 3.4%. Conversely, there has been an increase in the shares of food (from 3.9% to 6.3%), chemical products (from 2.3% to 6.3%), ferrous and non-ferrous metals (from 4.6% to 6.6%), and machinery and equipment (from 1.7% to 2.5%) in the export mix.

In terms of imports, machinery and equipment dominate with a share of 38.9%, followed by chemical products and related items at 16.5%. The foreign trade turnover for the year 2018 amounted to approximately $33.8 billion, with exports contributing $14.2 billion and imports totaling $19.5 billion. Among CIS countries, key trade partners include Russia, Kazakhstan, Ukraine, Kyrgyzstan, and Tajikistan, constituting 28.7% of the total turnover. Other significant trade partners, accounting for 41.6%, include China, Turkey, the Republic of Korea, Germany, Afghanistan, Brazil, India, Iran, Latvia, Lithuania, France, USA, and Italy.

The country maintained a trade surplus of $945.5 million in 2017. As of January 1, 2019, Uzbekistan's gold reserves stand at $26.3 billion.

Foreign trade turnover in 2018 amounted to about 33,8 billion US dollars: