Ministry of Economy and Finance of the Republic of Uzbekistan

The event was attended by the Director of the Department of State Budget Policy of the Ministry of Economy and Finance, Sherzod Mukhamedov, and the Deputy Director of the Department for Analysis and Forecasting of Economic Growth and Ensuring the Coordination of Monetary, Fiscal, and Foreign Trade Policies, Akmaljon Ganiev, who made presentations on relevant areas and answered questions of interest to the participants.

Detailed information was presented on the economic results achieved in 2025, as well as on medium-term priority objectives.

It was noted that, amid heightened uncertainty in the global economy and ongoing geopolitical tensions, structural reforms implemented in the country, together with measures aimed at ensuring employment and promoting regional development, supported economic growth of 7.7 percent in 2025. Market services served as the main driver of GDP growth, expanding by 14.7 percent, while industry grew by 6.8 percent, construction by 14.2 percent, and agriculture by 4.4 percent.

GDP per capita increased by 5.7 percent, reaching USD 3,881. The poverty rate stood at 5.8 percent, declining by 3.1 percentage points compared to the end of 2024.

Throughout 2025, necessary measures were implemented to ensure state budget sustainability and to maintain the consolidated budget deficit within established parameters. As a result, the consolidated budget deficit was reduced by 0.9 percentage points of GDP, reaching 2.1 percent.

According to preliminary estimates, State Budget revenues in 2025 increased by 31 percent compared to 2024, amounting to UZS 360 trillion, while expenditures rose by 23.5 percent to UZS 384 trillion. Of total expenditures, 51 percent, or UZS 195 trillion, was directed toward the development of the social sector, including education, healthcare, social benefits, and related areas.

The dialogue also addressed macroeconomic forecasts for 2026, projected economic growth rates, measures to ensure fiscal sustainability, and key directions in public financial management.

In particular, economic growth in 2026 is expected to be at least 6.6 percent, while inflation is projected at around 6–6.5 percent. Detailed information was also provided on the consolidated budget deficit (3 percent of GDP) approved under the Law of the Republic of Uzbekistan on the State Budget for 2026.

The open dialogue was conducted in a question-and-answer format and covered a range of issues, including priority areas of budget policy, factors supporting macroeconomic stability, regional development, and mechanisms for expanding public participation.

The event served as a practical demonstration of ongoing efforts to ensure openness and transparency in public finance and macroeconomic policy, as well as to further strengthen dialogue with the public.

PR and Communications Department

Ministry of Economy and Finance