Kazakhstan updates forecast of 2019 main macro indicators

Business Materials 12 March 2019 11:03 (UTC +04:00)

Baku, Azerbaijan, Mar. 12

By Rashid Shirinov – Trend:

This year, oil production in Kazakhstan will decrease by 1.4 million tons or 1.5 percent compared to 2018, to 89 million tons, Trend reports via Kazakh media.

"This causes lower growth rates in the mining industry," the National Economy Minister of Kazakhstan Ruslan Dalenov said, presenting to the Cabinet of Ministers the updated forecast of the main macro indicators for 2019 and budget parameters for 2019-2021.

He noted that the main factors for updating the forecast of macro indicators for 2019 were the 2018 GDP data, changes in the dynamics of the mining industry and the service sector.

"Taking into account external and internal factors, the basic parameters for 2019 have been kept in the forecast at the previously approved level: oil price at $55 per barrel; tenge rate at 370 tenge per US dollar; the target band of annual inflation at 4-6 percent," Dalenov said.

Growth forecasts for agriculture (6.2 percent), construction (3.7 percent), trade (4.3 percent), transport and warehousing (3.8 percent) have also been maintained. Industry growth is estimated at 1.6 percent.

Forecast of exports has been increased by $0.3 billion to $54.4 billion, while imports forecast has been remained at $32.9 billion.

"Taking into account the above-mentioned factors of development, real GDP growth for 2019 is estimated at 3.8 percent. Nominal GDP in 2019 is projected at 64.3 trillion tenge, which is 323.5 billion tenge higher compared to the previous estimate," Dalenov said.


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