As noted by the authors of the report, the profit transfers from the NBKR to the republican budget for 2024 amounted to 45.7 billion soms (3.7% of GDP). This contributed to an increase in non-tax revenues from January to September 2025 to 10.8% of GDP, compared to 7.1% in the same period of the previous year.
Tax revenues increased by 1.4 percentage points, reaching 23.1% of GDP, while transfers slightly decreased by 0.1 percentage points to 0.7% of GDP. As a result, the total revenue volume increased to 34.6% of GDP. With a smaller increase in expenditures (+2.3 percentage points), the budget surplus amounted to 6.9% of GDP, significantly exceeding the level of the previous year — 4.2% of GDP.
“At the same time, a significant portion of the surplus is used to finance 'below the line' expenditures,” the report notes.
Note:
Financing 'below the line' expenditures refers to the accounting and financing of atypical, one-time, or extraordinary revenues and expenses that are not related to the core activities of a company or state. They are displayed after regular operational activities in the reporting to demonstrate true profitability.
