The state budget deficit of Uzbekistan exceeded 19.8 trillion soums in the first quarter of this year, marking a record minimum in at least 12 years. This amount is also 1.7 times higher than the deficit in the first quarter of 2023 and nearly 20 times higher than the same period in 2022.
In January, the deficit was 5.8 trillion soums, in February it reached 7.2 trillion soums, and in March it stood at 6.8 trillion soums. Compared to the first quarter of the previous year, budget revenues increased by 6.8%, while expenditures rose by 19.3%.
It is worth noting that for the year 2024, budget revenues are forecasted at 270.4 trillion soums, expenditures at 280.7 trillion soums, resulting in a deficit of 10.3 trillion soums. In 2023, the consolidated budget deficit of Uzbekistan reached a record 59 trillion soums (over $5 billion), surpassing previous years' figures significantly.
The consolidated budget includes the state budget, budgets of state target funds, off-budget funds of budgetary organizations, and the funds of the Reconstruction and Development Fund (sovereign fund). The volume of subsidies from the state budget has increased fivefold in two years, from 5.63 trillion to 29.25 trillion soums ($2.5 billion).
In 2023, expenses for the maintenance of government bodies, judiciary, prosecution, and courts, as well as neighborhoods and support for non-profit organizations in Uzbekistan, increased by 24.5% to 17 trillion soums. It is planned that expenditures for their maintenance will continue to rise in 2024-2025.
