According to official data from the Ministry of Economy and Finance of the Republic of Uzbekistan, the country’s public debt continues to grow, while its ratio to GDP remains within acceptable limits.
Dynamics of Public Debt
The size of the public debt has been increasing annually:
- 2022: $29.231 billion
- 2023: $34.927 billion
- 2024: $40.199 billion
Over three years, the debt grew by $10.968 billion, an increase of 37.5%. The most significant growth occurred in 2023, when the debt increased by $5.7 billion.
Public Debt to GDP Ratio
The ratio of public debt to gross domestic product (GDP) changed as follows:
- 2022: 32.4% of GDP
- 2023: 34.4% of GDP
- 2024: 35.0% of GDP
The increase in this indicator suggests a rising debt burden, although it remains within acceptable limits.
Structure of Public Debt
Public debt consists of external and domestic debt.
External Debt
- 2022: $25.914 billion
- 2023: $29.639 billion
- 2024: $33.720 billion
Over three years, external debt increased by $7.806 billion, which is 30.1% of its value in 2022.
Domestic Debt
- 2022: $3.317 billion
- 2023: $5.288 billion
- 2024: $6.479 billion
During this period, domestic debt more than doubled. However, its share remains relatively low, accounting for about 16% of total public debt.
Key Findings
- Public debt has increased by 37.5% over three years.
- The debt-to-GDP ratio has risen from 32.4% to 35.0%, indicating a growing debt burden.
- External debt remains the dominant component, making up 83-85% of total debt.
- Domestic debt is growing at a higher rate, but its share remains low.
The data confirms a significant increase in the country’s debt obligations while maintaining an acceptable level of debt-to-GDP ratio.