In the period of January to April 2024, Uzbekistan’s state budget recorded a deficit of 25.5 trillion soums (approximately $2 billion, based on the Central Bank’s exchange rate on 12 May 2024), as per data from the Ministry of Economy and Finance, analyzed by

Our previous report indicated a deficit surpassing 19.8 trillion soums (approximately $1.6 billion) in the initial quarter. April witnessed state budget expenditures exceeding revenues by 5.74 trillion soums ($450 million), with expenditures totaling 25.03 trillion soums ($1.97 billion) and revenues at 19.29 trillion soums ($1.52 billion).

Data for April of the preceding year remains unavailable, as the ministry had temporarily suspended the publication of state budget data from January to August 2023.

The Ministry of Economy and Finance only provides data on state budget revenues and expenditures. A broader consolidated budget exists, covering the state budget itself, allocations for state budget trust funds, extrabudgetary funds of budgetary organizations, and resources of the Fund for Reconstruction and Development (sovereign fund).

The deficit limit for the consolidated budget for 2024 was approved at 4% of GDP, or about 52.6 trillion soums ($4.1 million), with anticipated revenues of 375.03 trillion soums ($29.5 billion) and expenditures of 427.64 trillion soums ($33.7 billion). State budget revenues are projected at 270.4 trillion soums ($21.3 billion) and expenditures at 280.7 trillion soums ($22.1 billion), with a deficit of 10.3 trillion soums ($800 million).

In 2023, Uzbekistan witnessed a historic high in its consolidated budget deficit, amounting to 59 trillion soums (over $5 billion), significantly surpassing previous years. The figure exceeds $5 billion, considering the average exchange rate of 11,741 soums over the past year. Toward the end of last year, the government, having struggled to align with state spending, revised the limit through parliament.

During the preceding year, subsidies from the state budget increased fivefold in just two years, escalating from 5.63 trillion soums (approximately $480 million) to 29.25 trillion soums ($2.5 billion). Of this, 18 trillion soums ($1.5 billion) were allocated to bridge the gap between gas purchases and sales, 1.72 trillion soums ($150 million) for heat compensation, and 1.02 trillion soums ($86.9 million) allocated for geological exploration.