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Kazakh economy ministry lowers GDP growth forecast

Finance Materials 26 November 2018 12:33

Baku, Azerbaijan, Nov. 26

By Rashid Shirinov – Trend:

Kazakh National Economy Ministry predicts a decline in economic growth of the country to 3.8 percent instead of the previously declared 3.9 percent, Minister Timur Suleimenov said at a government meeting, according to Kazakh media.

"Real GDP growth will be 3.8 percent in 2019. The average annual GDP growth rate (for 2019-2023) will be 4.1 percent. Nominal GDP will grow from 64 trillion tenge in 2019 to 86.5 trillion tenge in 2023," Suleimenov said.

He added that taking into account the current situation in the world markets and forecasts of international financial organizations, the forecast oil price has been reduced from $60 to $55 per barrel.

"The forecast for oil production has been maintained at 88 million tons in 2019 with an increase to 99 million tons in 2023," the minister said. He also noted that inflation is expected in the approved range of 4-6 percent in 2019, with a subsequent decrease to 3-4 percent in 2020-2023.

In addition, the forecast of budget parameters has been revised. Revenues of the republican budget (excluding transfers) are projected in the amount of 6.79 trillion tenge in 2019, and expenditures – in the amount of 10.73 trillion tenge.

(366.05 KZT = 1 USD on Nov. 26)

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