Uzbekistan posts $150 million budget surplus in H1 2026

Uzbekistan's state budget recorded a modest surplus in the first half of 2026, with stronger fiscal performance in March and June offsetting deficits in the other four months.

Photo: Kun.uz

According to the Ministry of Economy and Finance, state budget revenues totaled UZS 207.4 trillion in January–June, while expenditures amounted to UZS 205.6 trillion. As a result, the budget posted a surplus of more than UZS 1.8 trillion, equivalent to approximately $150 million.

Monthly budget performance varied significantly during the period. January ended with a deficit of UZS 1.5 trillion, followed by a shortfall of UZS 986.2 billion in February.

The fiscal balance improved sharply in March, when revenues exceeded expenditures by UZS 10.2 trillion, marking the largest monthly surplus of the year. The increase is likely linked to the receipt of quarterly tax payments.

April returned to deficit, with expenditures exceeding revenues by UZS 707.8 billion. May was the weakest month of the first half, as the deficit widened to UZS 7.95 trillion after revenues fell to UZS 26.75 trillion while expenditures remained at UZS 34.7 trillion.

The budget returned to surplus in June, with revenues reaching UZS 42 trillion and expenditures totaling UZS 39.2 trillion, resulting in a monthly surplus of UZS 2.75 trillion.

Overall, the positive fiscal result for the first half of the year was driven primarily by the surpluses recorded in March and June, which more than offset the deficits accumulated during the remaining four months.

Under Uzbekistan's 2026 State Budget Law, annual budget revenues were projected at UZS 368.9 trillion, while expenditures were forecast at UZS 328.7 trillion.

Earlier official data showed that tax revenues reached UZS 63.6 trillion in the first quarter of 2026, almost 25% higher than in the same period a year earlier. The strongest contributor was corporate income tax, which generated UZS 20.4 trillion, up 43% year-on-year.

Value-added tax receipts increased by 27% to UZS 12.5 trillion, while personal income tax revenues rose 15% to UZS 10.7 trillion. Water use tax recorded the fastest growth, rising by more than 80%, while land tax collections increased by one-third to UZS 2.8 trillion.

At the time, the Tax Committee noted that the statistics did not include additional revenues generated by higher prices for gold and other mineral resources.