According to the Ministry of Economy and Finance, Uzbekistan's consolidated budget deficit for 2023 amounted to 59 trillion soums (over 5 billion dollars), or 5.5% of the GDP. The consolidated budget includes the state budget, budgets of state targeted funds, off-budget funds of budgetary organizations, and the Reconstruction and Development Fund (sovereign fund).
The revenues of the consolidated budget reached 321 trillion soums (compared to 286.5 trillion in 2022), while the expenditures amounted to 380 trillion soums (321.7 trillion).
The deficit significantly exceeded previous years' figures: 13.19 trillion soums in 2019 (2.5% of GDP), 26.1 trillion soums in 2020 (4.5% of GDP), 40.8 trillion soums in 2021 (5.6% of GDP), and 35.2 trillion soums in 2022 (4% of GDP). Over the past four years, the government has not met the 3% deficit to GDP target, repeatedly asking the parliament to increase the limit on state expenditures.
The state budget itself also ended up in deficit, with expenditures surpassing revenues. Although it was projected that revenues would exceed expenditures (232.1 trillion vs. 227.87 trillion), in reality, expenditures reached 281.1 trillion soums, exceeding revenues by 49.4 trillion soums (231.7 trillion).
It was also expected that the revenues and expenditures of the Reconstruction and Development Fund of Uzbekistan (the country's sovereign fund, which receives income from the sale of gold, copper, and gas above certain threshold prices) would amount to 11.7 trillion soums. However, expenditures (16.2 trillion) exceeded revenues (11.3 trillion) by 4.9 trillion soums. According to amendments to the 2023 state budget law, the fund's expenditures reached 39 trillion soums, used to cover the budget deficit.
A total of 137.2 trillion soums was allocated to the social sphere, with 61.2 trillion for education, 31.1 trillion for healthcare, 5.3 trillion for culture and sports, and 1.7 trillion for science. Additionally, 19.2 trillion soums were allocated for benefits, pensions, and other social payments. Economic expenses mainly went towards subsidies to cover the gas price difference, totaling 18 trillion soums.
The majority of the state budget expenditures consisted of salaries (93 trillion soums compared to 79.8 trillion in 2022) and other expenses (33.4 trillion soums).
