Kazakhstan sets oil price at $90 in budget forecast for next three years

Astana, Kazakhstan, Nov. 4

By D.Mukhtarov - Trend: Vice Minister of Economy and Budget Planning of Kazakhstan, Lena Karmazina presented the draft law on the country's budget for 2014-2016 at the Senate (upper chamber) of the Kazakh Parliament, a message of the press service of Kazakhstan's Ministry of Economy and Budget Planning said on Monday.

"The oil price is set at $90 taking into account the average price over the last five years,"the message said.

According to the Vice Minister, Kazakhstan's nominal GDP will grow from 38.6 trillion tenges (154.25 tenges = $1) in 2014 to 66 trillion tenges in 2018.

GDP per capita in 2014 will amount to $14,600 and will increase by 2018 to $24,000. The real growth of the economy in 2014-2018 is forecasted at six-7.1 per cent.

Karmazina said that the service sector will rapidly develop. Trade growth will amount to 9.8 per cent, and growth of transport and communication services will amount to an average of seven per cent. The annual inflation rate in 2014-2016 will be with the limits of six to eight per cent.

"Parameters of the national budget for the years 2014-2016 are as follows: incomes in 2014 will amount to 5,760.7 billion tenges with growth of the budget in 2013 to 532.3 billion tenges, in 2015 - 6,229.6 billion tenges with growth to the forecast of 2014 by 468.9 billion tenges, and in 2016 - 6 873.4 billion tenges with growth to the forecast for 2015 by 643.8 billion tenges," Vice Minister said.