Uzbekistan's 2023 budget deficit equal to 5.5% of GDP, breaching initial target of 3%

By bne IntelliNews April 3, 2024

Uzbekistan's budget deficit widened to UZS 59 trillion ($4.7bn) in 2023, equal to 5.5% of GDP, according to the Ministry of Economy and Finance. Revenues stood at $25.4bn and expenditures around $30bn.

Economist Otabek Bakirov noted that the deficit has increased over the past five years, growing from $1bn in 2019 to last year’s $4.7bn. The Mirziyoyev administration initially targeted a maximum 2023 deficit of 3% for 2023, but the limit was breached due to rising state expenditures.

The cap on external debt was also raised. It was moved up from $4.5bn to $5.5bn.

In 2M24, the deficit amounted to $1bn. This year's budget anticipates revenues of $21.4bn and expenditures of $22.2bn. The projected deficit is $814mn. The consolidated budget deficit cap is set at $4.2bn, or 4% of GDP.

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