Uzbekistan’s 2025 budget reveals the continued dominance of key industries, with major taxpayers from Uzbekistan mining industry, Uzbekistan energy, and Uzbekistan manufacturing expected to contribute 31.6% of total revenue. This contribution reflects a steady alignment with Uzbekistan’s economic goals, with projections showing that Uzbekistan's budget 2025 is slightly higher than budget 2024, mainly due to the increasing roles of energy and manufacturing sectors.
Mining Sector: Dominance Remains, but with Slight Adjustments
- Navoiy Mining and Metallurgy Company (NMMC):
NMMC, a key player in the Uzbekistan mining industry, is projected to contribute 17.7% to the Uzbekistan budget 2025. This contribution amounts to $1.46 bn in the first 9M2024. However, the share is expected to decline to 16.5% by 2026. - Almalyk Mining and Metallurgy Complex (AMMC):
AMMC’s contribution to the Uzbekistan budget 2025 is projected at 5.2%. The company surpassed projections in the first nine months of 2024, contributing $490.5 mn. AMMC’s role is expected to expand slightly to 5.5% by 2026, reflecting continued growth in Uzbekistan’s mining industry.
Energy Sector: Expansion Underway
- Uzbekneftegaz:
As part of Uzbekistan’s energy balance, Uzbekneftegaz plays a significant role in the country’s economic development. Its share in the Uzbekistan budget 2025 is projected at 1.5%, closely mirroring the $237.5 mn contributed in the first nine months of 2024. For 2026, its contribution is expected to rise slightly to 1.7%, driven by reforms in Uzbekistan’s energy sector and diversification within the sector. - Hududgaztaminot:
Hududgaztaminot, another key entity in the Uzbekistan energy sector, contributed $225.8 mn in 9M24. Its contribution for the 2025 and 2026 budgets is projected to remain at 1.5%, signaling a steady role in Uzbekistan’s energy balance.
Manufacturing Sector: Gradual Expansion
- UzAuto Motors:
UzAuto Motors, a leader in Uzbekistan car manufacturing, was projected to contribute 1.3% to the Uzbekistan budget 2025. In the first nine months of 2024, the company’s contribution reached $171.3 mn, showcasing robust growth. By 2026, UzAuto Motors is expected to increase its share to 1.4%, reflecting the expanding role of Uzbekistan manufacturing and the development of the Uzbekistan factory sector. - Uzbat:
Uzbat, another key player in Uzbekistan manufacturing, is expected to contribute 0.9% to the 2025 budget, with growth projected to reach 1.0% by 2026. This aligns with the country's ongoing efforts to boost local manufacturing capacity.
Other Key Contributors Across Sectors
- Uzgastrade:
Uzgastrade exceeded expectations in 2024, contributing $241.4 mn USD in the first nine months. Its projected share in the 2025 budget is 1.4%, a significant increase compared to the previous year. - Navoiyuran:
Navoiyuran, projected to contribute 1.2% of the Uzbekistan budget 2025, delivered $218 mn USD in nine months of 2024. The company’s contribution is expected to remain stable in the upcoming years.
Comparison of 2025 Projections with 2024 Actuals and 2026 Projections
Key Trends
- Mining Sector Still Dominant, but Diversifying:
The Uzbekistan mining industry continues to contribute a significant portion to the Uzbekistan budget 2025, with NMMC and AMMC remaining the largest contributors. However, their collective share is expected to slightly decline as Uzbekistan manufacturing and Uzbekistan energy sectors grow. - Energy’s Growing Role:
Uzbekistan energy sectors, particularly Uzbekneftegaz and Hududgaztaminot, are poised for growth. Their contributions are expected to increase in line with the country’s reform agenda and efforts to optimize its energy balance. - Manufacturing Momentum:
Companies like UzAuto Motors and Uzbat are driving Uzbekistan's manufacturing growth, with projections suggesting further expansion in the coming years.
Conclusion
The Uzbekistan budget 2025 showcases a shift toward greater economic diversification. The mining industry remains a major contributor, but sectors like Uzbekistan’s energy and manufacturing are steadily increasing their shares. As reflected in the 2026 projections, these changes align with the government’s broader reform agenda, contributing to a more balanced revenue base and a more resilient economy for Uzbekistan’s future.
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