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Forecast for Kazakhstan's real GDP unveiled

Kazakhstan Materials 23 August 2022 15:40 (UTC +04:00)
Nargiz Sadikhova
Nargiz Sadikhova
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BAKU, Azerbaijan, August 23. Kazakhstan's Real GDP will be at least 3 percent in 2022, Prime Minister of Kazakhstan Alikhan Smailov said during a meeting chaired by President Kassym-Jomart Tokayev, Trend reports.

Smailov also believes that Kazakhstan's Real GDP will be 4 percent in 2023.

According to the government, nominal GDP growth is projected from 103.6 trillion tenge ($60.9 trillion) in 2022 to 120.7 trillion tenge in 2023 ($71 trillion). The increase in the revenue of the state budget is projected due to the growth of tax revenues from 10.5 trillion tenge ($6.1 trillion) to 13.5 trillion tenge ($7.9 trillion) in 2023.

A positive aspect of the draft budget of Kazakhstan is a sharp decrease in guaranteed transfers from the National Fund worth more than 4 trillion tenge ($2.3 trillion) in 2022 to 2.2 trillion tenge ($1.2 trillion) in 2023. Macroeconomic stability will also be positively affected by the reduction of the non-oil deficit from 8.3 percent to 6.8 percent in 2023.

At the end of the meeting Kazakh President Kassym-Jomart Tokayev once again drew the government's attention to the need to ensure quality planning and distribution of financial resources. In general, the President supported the presented forecast of socio-economic development of the Republic of Kazakhstan for 2023-2027 and the draft budget for 2023-2025, taking into account their refinement of the issues discussed during the meeting.

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