State Budget Deficit Skyrockets to Over 34 Trillion Soums in First Half of 2024
State Budget Deficit Reaches 34 Trillion Soums in First Half of 2024
The latest data from the Ministry of Economy and Finance reveals that in the first six months of this year, state budget revenues amounted to 115.8 trillion soums, while expenses reached 149.8 trillion soums, resulting in a deficit of 34 trillion soums. This represents a significant increase of almost 27% compared to the previous year.
A breakdown of the budget figures for the first half of 2024 shows a consistent pattern of deficit across the months. In January, revenues stood at 16 trillion 159.9 billion soums, with expenses totaling 21 trillion 926.7 billion soums, leading to a difference of 5 trillion 766.8 billion soums. February saw a negative difference of 7 trillion 228.1 billion soums, March had 6 trillion 850 billion soums, April recorded 5 trillion 741.1 billion soums, May showed 3 trillion 816.2 billion soums, and June ended with a 4 trillion 646.5 billion soums deficit.
Overall, the state budget deficit for the first half of 2024 amounted to 34 trillion 49 billion soums, surpassing the deficit recorded in the same period of the previous year. While the consolidated budget revenue and expenditure reports are yet to be released, the forecast for the state budget revenues and expenditures for the entire year 2024 is set at 270.4 trillion soums and 280.7 trillion soums, respectively.
In an effort to manage the deficit, the consolidated budget – which includes state special funds, the Reconstruction and Development Fund, and off-budgetary funds of budget organizations – is limited to a deficit of 52.6 trillion soums or 4% of GDP. This strategic approach aims to ensure financial stability and sustainable economic growth in the long run.
