President Shavkat Mirziyoyev signed the 2025 State Budget Bill into Law Tuesday. The Bill was passed by the Legislative Chamber on December 3 and approved by the Senate on December 18.

Next year, GDP growth is projected at 6% (lower than last year's forecast) — up to 1.63 quadrillion soums (about $123 billion), and in 2026-2027 — 6.1% and 6.3%, respectively.

The industrial growth is expected to be 6.1%, services — 14.5%, agriculture — 4.1%, construction work — 14.2%. It was previously noted that these indicators are expected to be achieved through "high-quality continuation of structural reforms in each area."

Inflation is projected to be reduced to 7-8% in 2025 (projected at 7%), 5-6% in 2026, and 5% in 2027. Earlier, the Central Bank postponed the achievement of the 5% inflation target from the second half of 2025 to the second half of 2026.

The consolidated budget deficit is expected to be within 3% of GDP in 2025 (instead of 4% this year) and 3% of GDP in 2026-2027.

In addition, all measures will be taken to ensure that public debt does not exceed the macroeconomic safe level of 60% of GDP, and in the medium term - 50% of GDP.

The public debt is expected to rise to $45 billion (36.4% of GDP), and in 2027 to $55.9 billion (36.7% of GDP).

Based on these goals and areas, excluding interbudget transfers, consolidated budget revenues for 2025 are expected to be at 430.99 trillion soums, which is lower than the initial forecasts made at the end of last year when determining the budget for 2025-2026, by 4.8% (452.46 trillion soums).

Expenses are projected at 480.3 trillion soums (projected at 498.3 trillion).

The budget revenues are expected to be 308.5 trillion soums (330.6 trillion), and expenditures are expected to be 290.4 trillion soums (323.8 trillion).

The revenues of state target funds are calculated at 66.5 trillion soums (63.9 trillion), and expenditures are expected to be 117.2 trillion soums (99.1 trillion). At the same time, it is projected to direct 54.4 trillion soums of transfers from the republican budget (38.7 trillion) to these funds.

The Pension Fund's off-budget revenues are expected to be 58.9 trillion soums, and expenditures are expected to be 74.9 trillion soums.

Expenditures projected for government programs at the expense of external debts will amount to 18.8 trillion soums (17.4 trillion)

The maximum deficit of the consolidated budget (including the state budget, budgets of state target funds, extra-budgetary funds of budgetary organizations and funds of the Reconstruction and Development Fund) should be within 49.5 trillion soums, or 3% of GDP.

The state budget and budgets of state target funds are projected with a deficit of 32.62 trillion soums, or almost 2% of GDP.

The deficit is projected to be covered by attracting state domestic and external debt, funds from the privatization of state assets and other sources.

It is projected to allocate 46.08 trillion soums to repay the public debt in 2025, which is more than 10 trillion soums more than expected at the end of last year (35.8 trillion).

Next year, Uzbekistan may attract more loans through debt. If the limits on attracting external borrowing this year were $5 billion under a state guarantee (although at the end of this year the limit was rised to $7.3 billion), then next year it will be $5.5 billion. Of this amount, $3 billion will be used to support the state budget, and $2.5 billion will be used to finance investment projects.

To diversify the government debt portfolio and reduce currency risks, it is projected to set a maximum net volume of government securities issued on behalf of Uzbekistan at 30 trillion soums for 2025 (in 2024 it was 25 trillion soums, then rised to 30 trillion).

In addition, to reduce risks for the state budget, it is established that the upper limit on the cost of new public-private partnership projects involving the state's assumption of obligations (purchase or payment) will be $6.5 billion. Before this, there was no such limit on PPP projects.

The Ministry of Economy and Finance will be required to submit data on gender budget policy to the chambers of the Oliy Majlis by the 10th day of the following month based on the results of each quarter. Gender-oriented budgeting is a strategy for developing budgets that suit everyone. By considering and analyzing the unique needs of each person, gender-oriented budgets promote a fair distribution of resources.

The republican budget of Navoi province will now receive 66% of the personal income tax (now at 55%), as well as 70% of the profit tax (61%). In Tashkent province, revenues from personal income tax rise from 38% to 51%, and profit tax from 39% to 49%.

In addition, a portion of the excise tax on alcohol, including beer (except for imported alcoholic beverages and beer), will remain in the republican budget of the provinces: in Tashkent province and Tashkent - 5% of revenues, in other provinces - 30%.