State budget revenues totaled UZS 121 trillion ($9.51bn) for the first half of 2024, marking an 18.3% increase compared to the same period last year, as revealed during the September 5th plenary session of the Legislative Chamber of the Oliy Majlis, which reviewed the implementation of the state budget and state target funds.
The session also highlighted positive economic performance, with the country's GDP rising by 6.4%. Key sectors saw significant growth: market services surged by 12.9%, industrial production increased by 7.8%, construction expanded by 10.1%, and agriculture grew by 3.8%.
Investment in fixed assets reached UZS 229.3 trillion ($18bn), up 36.6% from the previous year. Real incomes grew by 8.6%, exceeding the inflation rate of 5.2%, thereby improving living standards.
Expenditures for the first half of 2024 totaled UZS 149.8 trillion ($11.8bn), an increase of 16%. Of this, 49.5% was allocated to enhancing social services, reflecting a 14% rise from last year.
Additionally, UZS 14.2 trillion ($1.1bn) were returned to support entrepreneurs and offset the negative value-added tax gap, and UZS 3.4 trillion ($267.2mn) increase from the same period last year. The Initiative Budget program also allocated UZS 3.3 trillion ($259.4mn) to 29,000 projects, showing a strong commitment to public involvement and development.
Earlier it was reported that Uzbekistan's state debt reached $37bn in the first half of 2024. Kuchkarov stated that public debt represented 33.2% of the nation's GDP during this period. The breakdown shows $30.9bn in external debt and $6.1bn in domestic debt.
Looking ahead, the public debt-to-GDP ratio is expected to be 37% in 2024, 37.4% in 2025, and 37.9% in 2026. Additionally, Uzbekistan's GDP is forecasted to grow from $100bn in 2024 to $125bn in 2025, and $140bn by 2026.
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