Uzbekistan’s state budget deficit neared UZS 30 trillion ($2.6bn) in 1H23, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said on August 4.
Budget revenues amounted to $8.55bn (up 8% y/y), with $6.5bn sourced from taxes and $2.05bn from customs revenues. Expenditures were $11.1bn, up by more than a quarter year on year.
GDP in the reporting period amounted to $40.3bn.
Legislation in Uzbekistan determines that the state budget deficit should not exceed 3% of GDP. Nevertheless, in the first six months, the budget deficit to GDP was 6.17%.
In the period, the country also managed to raise $7.4bn of FDI. By the year-end, state budget revenues are expected to reach $19.9bn.
Chairman of the central bank Mamarizo Nurmuratov partly linked the increase in budget expenditures with higher gas imports, given that the difference between the world gas price and the domestic price is paid for by the state. According to the national statistical committee, Uzbekistan in the reporting period imported $200mn of natural gas.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more