The 2026 State Budget is based on projected GDP growth of 6.6% and inflation of about 7%, with UZS 368.9 trillion of revenue and UZS 402.7 trillion of expenditure. The fiscal envelope will shape sovereign borrowing, public investment and the liquidity available to private-sector issuers.
Uzbekistan’s approved 2026 budget framework projects GDP growth of 6.6%. The baseline assumes industrial output growth of 6.4%, agriculture growth of 4.2% and a 14.5% expansion in market services, while annual inflation is expected to be around 7%.
Consolidated parameters set state-budget revenue at UZS 368.9 trillion and expenditure at UZS 402.7 trillion. Social spending is planned at UZS 220.1 trillion, while the consolidated fiscal deficit is capped at UZS 60.2 trillion, equivalent to 3% of GDP.
Investors will monitor deficit execution and the resulting government funding requirement rather than the approved ceiling alone. Private issuers may face greater competition for domestic capital, while public investment can support demand in infrastructure-linked sectors.
This material is provided for general information only and does not constitute investment, legal or tax advice, or an offer or solicitation in any jurisdiction.