Uzbekistan’s Economy Grew by 7.7% in 2025, Budget Deficit at 2.1% of GDP

Tashkent, Uzbekistan (UzDaily.com) — On 29 January 2026, the Ministry of Economy and Finance of the Republic of Uzbekistan held an open meeting with media representatives, bloggers, and civil society organizations to discuss macroeconomic indicators and government budget performance.

The event featured presentations by Sherzod Mukhamedov, Director of the Department of State Budget Policy at the Ministry of Economy and Finance, and Akmaljon Ganiev, Deputy Director of the Department of Economic Growth Analysis and Forecasting, responsible for coordinating monetary, fiscal, and foreign trade policy. They provided detailed presentations on their respective areas and answered questions from attendees.

During the meeting, the achievements of Uzbekistan’s economy in 2025 were analyzed in detail, and medium-term priorities were outlined. Despite ongoing global economic uncertainty and persistent geopolitical risks, structural reforms, employment support measures, and regional development initiatives enabled economic growth of 7.7% last year.

Key growth drivers included the market services sector, which expanded by 14.7%, industry by 6.8%, construction by 14.2%, and agriculture by 4.4%.

GDP per capita increased by 5.7%, exceeding US$3,881, while the poverty rate declined to 5.8%, down 3.1 percentage points compared to the end of 2024.

Special attention was given to maintaining fiscal sustainability. As a result of implemented measures, the consolidated budget deficit in 2025 fell by 0.9 percentage points of GDP to 2.1%.

Preliminary data indicate that government revenues rose by 31% year-on-year, reaching 360 trillion soms, while expenditures grew by 23.5% to 384 trillion soms. Over half of expenditures—51%, or 195 trillion soms—were allocated to social development, including education, healthcare, and social protection.

The discussion also covered projected macroeconomic indicators for 2026. Economic growth is expected to reach at least 6.6%, with inflation maintained within 6–6.5%. The consolidated budget deficit, as approved in the Law on the State Budget of the Republic of Uzbekistan for 2026, is projected at 3% of GDP.

The open-dialogue format of the event allowed participants to engage directly on priority areas of budget policy, factors ensuring macroeconomic stability, regional development issues, and mechanisms to expand public participation in budget formulation and oversight.