Kyrgyzstan is no longer the only country in the EAEU with a budget surplus

At the end of the first half of 2026, the national budgets of Kyrgyzstan and Armenia showed a surplus. A year ago, Kyrgyzstan was the only country among those included in the EAEU statistics to have a positive balance.

In January–June, Kyrgyzstan’s national budget revenue totalled 423.4 billion KGS, whilst expenditure stood at 376 billion KGS. As a result, revenue exceeded expenditure by 47.5 billion KGS, or $500 million.

However, Kyrgyzstan’s budget surplus has decreased. A year earlier, the surplus stood at 54 billion KGS. Over the year, it fell by 12.2 per cent.

The reason is that budget expenditure grew faster than revenue. Revenue increased by 51.8 per cent – from 278.9 billion KGS to 423.4 billion KGS – whilst expenditure rose by 67.3 per cent – from 224.8 billion KGS to 376 billion KGS.

Meanwhile, Armenia managed to move from a deficit to a surplus. In the first half of 2025, its budget expenditure exceeded revenue by 39.2 billion drams. In January–June 2026, the situation reversed: revenue reached 1,643.2 billion drams, whilst expenditure stood at 1,575.9 billion drams. The surplus amounted to 67.3 billion drams, or around $200 million.

Armenia was the only one of the countries compared where revenue grew faster than expenditure: by 14.7 per cent compared with 7 per cent. This is what enabled the budget to move from a deficit to a surplus.

Kazakhstan and Russia, by contrast, ended the half-year with a growing deficit. In Kazakhstan, it increased by 38.8 per cent to $4.4 billion. In Russia, the deficit rose by 32 per cent to $76.8 billion.

Thus, Kyrgyzstan maintained a surplus and continues to significantly outpace Armenia in terms of the size of its surplus in dollar terms.