In 2024, Uzbekistan’s consolidated budget expenditures reached UZS 433.6 tn ($33.3 bn), a 3.3% increase from UZS 381 tn ($29.3 bn) in 2023. The state budget accounted for UZS 310.9 tn ($23.9 bn) of this total, with additional funding from joint operations, extrabudgetary funds, and external borrowings.
Budget growth and deficit reduction
The consolidated budget revenues for 2024 amounted to UZS 385.8 tn ($29.7 bn), marking a 5% rise compared to UZS 321.9 tn ($24.7 bn) in 2023. Joint operations contributed UZS 40.8 tn ($3.1 bn) in 2024, up from UZS 32.4 tn ($2.4 bn) in 2023.
The consolidated budget deficit narrowed to UZS 47.8 tn ($3.6 bn) in 2024, a 3.3% decrease from UZS 59.2 tn ($4.5 bn) in 2023. This reduction indicates improved fiscal management and a balanced approach to revenue generation and expenditure, despite increased overall spending.
Fiscal targets and economic outlook
The government set the consolidated budget deficit limit at 4% of GDP for 2024. For 2025, the approved budget projects a deficit of 3% of GDP. These targets align with ongoing fiscal consolidation efforts, aiming to rationalize expenditures and enhance the targeting of social spending.
The International Monetary Fund (IMF) anticipates that Uzbekistan will meet its fiscal deficit targets for 2024 and 2025, set at 4% and 3% of GDP, respectively. This expectation reflects the authorities’ commitment to rationalizing expenditures, particularly energy subsidies, while protecting vulnerable populations and reducing policy lending.
