TASHKENT, Uzbekistan, April 1. Uzbekistan's consolidated budget deficit amounted to 59 trillion soums ($4.6 billion) in 2023, an increase of 285.8 trillion soums ($22.6 billion) year-on-year, Trend reports.
According to Uzbekistan's Ministry of Economy and Finance, the revenues of the consolidated budget amounted to 321 trillion soums ($25.4 billion), while expenditures were 380 trillion soums ($30.1 billion).
The consolidated budget deficit reached 5.5 percent of GDP in 2023.
In addition, the country's consolidated budget deficit amounted to 35.2 trillion soums ($2.7 billion) in 2022. The revenues reached 286.5 trillion soums ($22.6 billion), while expenditures amounted to 321.7 trillion soums ($25.4 billion) in 2022.
Meanwhile, Fitch Ratings expects Uzbekistan’s budget deficit (which includes the balances of off-budget accounts and the Uzbekistan Reconstruction and Development Fund) to decline to 4.3 percent of GDP in 2024 and 3.9 percent in 2025.
According to the agency, the reason for this is the reduction in energy subsidies, which will bring a permanent cost reduction of an estimated 1.5 percentage points of GDP by 2024.