Uzbekistan Targets 5.6-5.8% GDP Growth in 2024

In 2024, the Republic of Uzbekistan expects a GDP growth rate of 5.6-5.8%. The forecast includes a 6% increase in industrial production, 6.3% in construction works, 4% in agriculture, and 14.9% in market services. The Senate Committee on Budget and Economic Reforms discussed the "On the State Budget of the Republic of Uzbekistan for 2024" law and the 2024 Budget Plan.

The law targets a 4% GDP deficit in 2024 and 3% in 2025-2026. Main tax rates remain unchanged in the medium term. The goal is to align tax and budget policies with World Trade Organization standards, ensure budget transparency, and involve citizens in budget formation. The law also introduces "Green budgeting" principles.

Consolidated budget plans for 2024 include revenues of 375 trillion soums and expenditures of 427.6 trillion soums, resulting in a 4% GDP deficit of 52.6 trillion soums. State budget revenues and expenses stand at 270.4 trillion soums and 312.9 trillion soums, respectively, considering transfers to State special funds.

State trust funds (excluding interbudgetary transfers) plan revenues of 55.2 trillion soums and expenses of 85.8 trillion soums in 2024. The budget prioritizes social sectors, allocating 50% of total expenditures (151.6 trillion soums) to education, health care, social protection, science, culture, sports, and housing for the needy population, aligning with the "Uzbekistan-2030" strategy and national sustainable development goals.