BAKU, Azerbaijan, May 20
Trend:
Kazakhstan’s parliament members have approved the amendments to the law ‘On state budget for 2021-2023’ during the plenary session of Kazakhstan's Senate (upper house of the parliament), Trend reports referring to the Ministry of National Economy.
"The forecast of macroeconomic indicators has been updated taking into account the operational data on the country's economic growth, trends in the oil market, as well as on the basis of expectations for the growth of the world economy," said the ministry’s head Asset Irgaliyev, presenting the bill to the Senate.
According to Irgaliyev, by the end of April this year, the GDP growth rate improved from minus 4.5 percent in January to plus 0.7 percent. The average annual oil price has been set at $50 per barrel. The country's economic growth forecast has been improved from 2.8 percent to 3.1 percent.
Nominal GDP is estimated at 77.8 trillion tenge ($180 billion). The forecast indicators in the manufacturing industry were improved from 4.1 percent to 5.2 percent, construction from 2.5 percent to 5 percent, information and communication from 3.8 percent to 6.5 percent.
Thus, the forecast of the parameters of the state budget for 2021 has been revised based on the adjusted macroeconomic indicators.
"The revenues of the republican budget, excluding transfers in 2021, are estimated at 7.2 billion tenge ($17 million), which is 279 billion tenge ($650 million) higher than the approved plan,” he noted. “The amount of guaranteed transfer from the National Fund remains unchanged (2.7 billion tenge or $6.3 million). The target transfer from the Fund has been increased from 1 trillion tenge ($2.3 billion) to 1.85 billion tenge ($4.3 million)."
The expenditures of the state budget are projected to exceed 15.3 billion tenge ($36 million), while the budget deficit - 3.5 percent of GDP.