Ministry of Economy reports $5 billion budget deficit for 2023

The revenues of the consolidated budget of Uzbekistan for the year 2023 amounted to 321 trillion UZS, while expenditures were 380 trillion UZS. The difference between the consolidated budget revenues and expenditures was 59 trillion UZS, which is equivalent to 5.5% of the gross domestic product, as reported by the Ministry of Economy and Finance.

This deficit of 59 trillion UZS – according to the average exchange rate of the US dollar to the UZS (11,741 UZS) calculated by the Central Bank for the last year – amounts to more than $5 billion 25 million.

Economist Otabek Bakirov pointed out that the consolidated budget deficit over the last five years has been as follows:

- In 2019 – 13.2 trillion UZS;
- In 2020 – 26.1 trillion UZS;
- In 2021 – 40.8 trillion UZS;
- In 2022 – 35.2 trillion UZS;
- In 2023 – 59 trillion UZS.

It’s worth noting that the law on the state budget for 2023 indicated a 3% limit for the deficit, but following a significant excess of state expenditures over revenues, amendments were made to the budget law, raising the limit to 5.5%. The annual limit on external debt had been raised from $4.5 billion to $5.5 billion.

Previously, it was reported that the state budget deficit for the first two months of 2024 had reached 13 trillion UZS. According to the law on the state budget for the current year, budget revenues of 270.4 trillion UZS and expenditures of 280.7 trillion UZS were forecasted. That is, the state budget for the current year was approved with a deficit of 10.3 trillion UZS. The consolidated budget deficit was capped at 52.6 trillion UZS, or 4% of GDP.