Kazakh Parliament approves bill "On state budget for 2022-2024"

Kazakhstan Materials 20 October 2021 13:52 (UTC +04:00)

BAKU, Azerbaijan, Oct. 20


MPs of Kazakhstan’s Mazhilis [lower chamber of the parliament] have approved bill “On state budget for 2022-2024”, Trend reports citing Kazinform.

According to head of the Ministry of National Economy Asset Irgaliyev who spoke at the plenary session of the lower chamber, the formation of the forecast of socio-economic development for 2022-2026 was influenced by external and internal factors.

“The draft state budget was formed at the oil price of $60 per barrel. Oil production will increase from 87.9 million tons in 2022 to 107.4 million tons in 2026. Real GDP growth in 2022 is projected at 3.9 percent. In 2026 it will reach 5.2 percent,” Irgaliyev said.

According to forecasts of the ministry, the country’s nominal GDP next year will amount to 87.1 trillion tenge ($200 billion) with an increase by 2026 to 119.9 trillion tenge ($280 billion).

Exports of goods by Kazakhstan in 2022 are projected at $60.1 billion and will grow up to $79.8 billion by 2026, while imports will increase from $40.8 billion in 2022 to $43.4 billion in 2026.

The National Bank kept the target corridor of annual inflation in 2022 within four-six percent, in 2023-2024 - four-five percent, and in 2025-2026 – three-four percent.

Given these macroeconomic indicators, the state budget revenues, excluding transfers, are forecasted to amount 9.2 trillion tenge ($22 billion) in 2022, 9.7 trillion tenge ($23 billion) in 2023, and 10.4 trillion tenge ($24 billion) in 2024.