Uzbekistan’s state budget deficit narrows after October’s surplus

Over the first 10 months of this year, state budget revenues amounted to 213.6 trillion UZS, and expenditures reached 248.6 trillion UZS, creating a total deficit of 35 trillion UZS. These figures were included in the monthly report from the Ministry of Economy and Finance.

The Ministry's data highlights the following breakdown by month:

• January: Revenue was 16.1599 trillion UZS, with expenditures at 21.9267 trillion UZS, leading to a negative balance of 5.7668 trillion UZS.
• February: Revenue reached 16.9089 trillion UZS, while expenditures were 24.1371 trillion UZS, resulting in a deficit of 7.2281 trillion UZS.
• March: Revenue was 17.4572 trillion UZS, and expenditures amounted to 24.3071 trillion UZS, creating a negative balance of 6.85 trillion UZS.
• April: Revenue stood at 19.2861 trillion UZS, with expenditures at 25.0272 trillion UZS, resulting in a deficit of 5.7411 trillion UZS.
• May: Revenue totaled 22.749 trillion UZS, with expenditures at 26.5652 trillion UZS, leading to a shortfall of 3.8162 trillion UZS.
• June: Revenue was 23.2334 trillion UZS, and expenditures reached 27.8799 trillion UZS, resulting in a deficit of 4.6465 trillion UZS.
• July: Revenue was 21.815 trillion UZS, with expenditures of 24.332 trillion UZS, leading to a negative balance of 2.517 trillion UZS.
• August: Revenue reached 22.066 trillion UZS, while expenditures totaled 22.348 trillion UZS, resulting in a deficit of 282 billion UZS.
• September: Revenue was 26.665 trillion UZS, with expenditures of 27.136 trillion UZS, resulting in a shortfall of 471 billion UZS.
• October: Revenue reached 27.29 trillion UZS, and expenditures were 24.938 trillion UZS, creating a surplus of 2.352 trillion UZS.

For context, according to the 2024 state budget law, projected state budget revenues for the year are estimated at 270.4 trillion UZS, with expenditures expected to reach 280.7 trillion UZS.

Additionally, the consolidated budget — which includes funds outside the state budget, such as state targeted funds, the Reconstruction and Development Fund, and off-budget funds of budgetary organizations — has a deficit cap set at 52.6 trillion UZS, or approximately 4% of the GDP.