Uzbekistan’s budget deficit narrows to 2.1% of GDP in 2025

In 2025, consolidated budget revenues reached UZS 502.6 trillion, while total expenditures amounted to UZS 541.7 trillion. State budget revenues specifically rose to UZS 359.8 trillion, a 31.1% increase over the previous year. This growth was driven by several key tax streams:

• Direct taxes: UZS 117.8 trillion (+29.8%)
• Indirect taxes: UZS 109.6 trillion (+24.1%)
• Resource and property taxes: UZS 44.9 trillion (+23.6%)
• Other income: UZS 87.5 trillion

On the expenditure side, state spending totaled UZS 383.9 trillion, up 23.5% from 2024. The largest portion of these funds was allocated to wages, which reached UZS 149.6 trillion. Social taxes accounted for UZS 29.8 trillion, while capital investments stood at UZS 15.6 trillion.

Regional budget performance

The report highlights a gap between local budget revenues and expenditures, resulting in a negative difference of UZS 37.9 trillion across the regions.

Fergana region recorded the highest deficit at UZS 4.39 trillion, with revenues of UZS 6.38 trillion against expenditures of UZS 10.77 trillion. This was followed by Andijan (UZS 3.56 trillion) and Samarkand (UZS 3.41 trillion). Conversely, the lowest deficits were observed in the Navoi and Tashkent regions, at UZS 1.03 trillion and UZS 1.35 trillion, respectively.

Allocation of subsidies

Total subsidies allocated from the state budget in 2025 amounted to UZS 29.352 trillion. A substantial portion was directed toward the energy sector and social support. Key allocations included:

• Natural gas price gap coverage: UZS 7 trillion (a 26.5% decrease)
• Preschool education institutions: UZS 3.95 trillion (+18.2%)
• Heating supply losses: UZS 3.5 trillion
• Housing purchase subsidies for the population: UZS 2.13 trillion (+51.3%)
• Public transport (buses and metro): Approximately UZS 2.45 trillion combined

Other notable allocations included UZS 820 billion for geological exploration and UZS 500 billion for the Trade Promotion Fund.

Looking ahead to 2026, the consolidated budget revenues are approved at UZS 515.8 trillion with expenditures at UZS 567.7 trillion. The deficit for the coming year is expected to be approximately UZS 60.1 trillion, which remains within the target of not exceeding 3% of GDP.