The President Shavkat Mirziyoyev signed the 2026 State Budget Bill into Law on Thursday, December 25.
| Indicator | 2026 | 2027 | 2028 |
| Gross Domestic Product, trillion soums | 1 976 | 2 256 | 2 576 |
| GDP growth rate, % | 6,6 | 6,8 | 6,9 |
| Inflation, % | 7 | 5−6 | 5 |
| Industrial production, % | 6,4 | 6,7 | 6,9 |
| Agriculture, forestry, and fisheries, % | 4,2 | 4,3 | 4,3 |
| Services, % | 14,5 | 14,3 | 14,4 |
| Construction, % | 10,2 | 8,3 | 8 |
According to the law, the growth of the gross domestic product is projected to reach $160 billion in 2026, growing 6.6%.
At least 400 trillion soums are planned to be injected into the economy from all sources, with inflation expected to be kept below 7%. Key tax rates will be the same.
Consolidated budget revenues (including the state budget, budgets of state target funds, extra-budget-financed funds of budget-financed organizations, and the Reconstruction and Development Fund) have been set at 515.8 trillion soums, while expenditures - at 567.7 trillion soums. The budget deficit is expected to be 60.1 trillion soums, and will not surpass 3% to GDP.
Thus, expenditures of state target funds increased from the projected 147.5 trillion soums to 148.4 trillion soums (+890.6 billion soums), while state budget expenditures, conversely, decreased from 328.8 trillion to 328.7 trillion soums (-143.9 billion soums).
State budget revenues will top 368.9 trillion soums, while expenditures will top 402.6 trillion soums. Revenues of state target funds are approved at 78.6 trillion soums, and those of the Reconstruction and Development Fund at 24.3 trillion soums.
The social sector will retain the largest ratio of expenditures – over 54.7%, or 220.1 trillion soums. Specifically, 9.4 trillion soums have been contributed for the implementation of state programs in preschool and school education, a 1.4-fold increase compared to the current year, while 4.8 trillion soums have been contributed for healthcare (a 1.7-fold increase).
6 trillion soums have been contributed for the Initiative-Based Budget program in 2026. Of this, 496 billion soums are contributed for the implementation of parliamentary initiatives, and another 506 billion soums are contributed for "co-financing" projects involving the public.
Each MP of the Legislative Chamber will have the opportunity to select one additional winning project each season, with funding totaling 3.3 billion soums.
Under the co-financing mechanism, if individuals voluntarily cover 50% of the project's cost, the remaining portion is financed from budget-financed funds.
The law has also amended the distribution of revenues between levels of the budget system. In particular, the ratios of revenue from personal income tax, corporate tax, and alcohol sales revenue contributed to local budgets have been revised.
Starting in 2026, 5% of VAT revenue will go to the Tashkent city budget, and 20% to the budgets of Karakalpakstan and the provinces. As a result, local budgets will have 4.3 trillion soums at their disposal. Of this amount, at least 50% must be contributed to district and city budgets.
The maximum volume of new agreements for raising external debt under a state guarantee in 2026 has been set at $5 billion. Of this, $0.5 billion will be contributed to support the state budget, and another $2.5 billion will finance investment projects.
The limit on the net volume of government securities has been set at 30 trillion soums.
To mitigate risks to the state budget, the ceiling for the cost of new public-private partnership projects involving state commitments (purchase or payment) will remain at $6.5 billion.
Budget revenues for Karakalpakstan, provinces, and the city of Tashkent have been confirmed at 75.98 trillion soums, while expenditures will total 95.63 trillion soums. Some provinces will receive a total of 19.7 trillion soums from the national budget.
Starting in 2026, academic lyceums at universities will be transferred to funding from local budgets, similar to colleges and technical schools.
In addition, costs for the design, construction, reconstruction, and overhauls of preschools and schools will be transferred from the national budget to local budgets, meaning they will be financed by local mayor offices.
The volume of the Cabinet of Ministers' reserve fund for 2026 has been set at 1.2 trillion soums (in 2025, 1 trillion soums was planned, but 1.9 trillion soums were actually contributed).
