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Kazakh Government lowers GDP growth forecast for 2015-2019

Kazakhstan Materials 23 October 2014 14:58 (UTC +04:00)
Kazakhstan government lowered the forecast of the country’s GDP growth for 2015-2019
Kazakh Government lowers GDP growth forecast for 2015-2019

Baku, Azerbaijan, Oct. 23

By Elena Kosolapova - Trend:

Kazakhstan government lowered the forecast of the country's GDP growth for 2015-2019, Novosti-Kazakhstan reported with the reference to Kazakh minister Erbolat Dossaev.

"Real GDP growth is forecast at 4.8 percent in 2015 or 0.2 percent below the earlier approved forecast. In 2016-2019 real GDP growth is expected to reach 5.3-6.7 percent," Kazakh National Economy Minister Erbolat Dossaev said presenting the draft amendments to the republican budget for 2014-2016 in the parliament.

Dossaev noted that the situation in the global economy deteriorated in September-October.

"The initial parameters of the baseline scenario of the socio-economic development in 2015-2019 have been revised due to internal and external factors," the minister said.

For example the level of oil prices forecast for 2015 reduced from $90 to $80 per barrel, according to the minister. For 2016-2019 the forecast level stands at $90 per barrel.

"The nominal GDP is expected to reach 43,721,300,000,000 tenge (180.99 tenge = $1) in 2015, which is lower than 1,310,900,000,000 tenge approved in August," Dossaev said.

In 2019 nominal GDP is forecast to increase to 70,753,600,000,000 tenge. GDP per capita increased from $13,500 in 2015 to $20,800 in 2019, he added.

The minister also said that Kazakh Government plans to reduce the expenses of state budget in 2015-2017.

The proposals on this issue will be introduced to Parliament in the near future.

"The government's proposals on the reduction of specific costs of budget in 2015-2017 will be presented for your consideration in the near future," Dossaev said to parliamentarians.

Earlier, Kazakh government forecast real GDP growth to reach 5 percent in 2015, 5.6 percent in 2016, 6.8 percent in 2017, 5.8 percent in 2018, 6.5 percent - in 2019. GDP per capita was earlier forecast $13,900 in 2015 and to grow up to 21,400 in 2019.

Edited by S.I

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