DUSHANBE, Tajikistan, July 11. Tajikistan’s state budget recorded a surplus equivalent to 4 percent of GDP in the first quarter of 2025, according to the latest report by the Eurasian Fund for Stabilization and Development (EFSD), Trend reports.
The fund ascribes the fiscal surplus predominantly to an
augmentation in both tax and non-tax revenue streams. Furthermore,
the current account equilibrium sustained a surplus at 15.3 percent
of GDP, bolstered by a substantial uptick in primary and secondary
income streams, particularly remittances from labor expatriates,
which escalated by 19.6 percent of GDP on a year-over-year
basis.
The report indicates a fortification of the national currency, the
somoni, vis-à-vis the US dollar, concurrently with an uptick in the
foreign asset portfolio of the National Bank of Tajikistan (NBT)
throughout the specified timeframe.
EFSD says Tajikistan’s GDP grew by 8.2 percent year-on-year in the first quarter, following 8.4 percent growth in 2024. Key drivers included the services sector (notably transport and trade) and industrial output, especially the extraction of metal ores. However, growth in manufacturing slowed due to a decline in metallurgical production.
Meanwhile, despite a year-on-year decline of 10 percent in investments during the first quarter, the trend reversed in April with signs of recovery.
Additionally, consumer inflation remained close to the lower bound of the NBT’s target range, standing at 3.6 percent year-on-year in April. Amid subdued inflationary pressures, the NBT cut its policy rate twice, bringing it down to 8.25 percent.
