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Kazakhstan National Bank updates GDP growth projection

Kazakhstan Materials 5 December 2022 13:55 (UTC +04:00)
Kazakhstan National Bank updates GDP growth projection
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, December 5. The National Bank of Kazakhstan projects the GDP growth of the Kazakh economy to roam around 2-3 percent, Trend reports, citing the press service of the Bank.

This is due to weaker external demand, more moderate oil production than expected, and intermittent problems with the delivery of Kazakh exports to global markets.

Meanwhile, the regulator expects the economy to expand by 3-4 percent in 2023. Economists of the National Bank consider the growth of hydrocarbon exports and the increase of investments with moderate demand from households.

The press service of the National Bank concluded that fiscal policy will still be in the stimulus zone next year, but as a result of the fiscal rule, the stimulus will weaken in the medium term. This will support government consumption and domestic demand. Further growth of the economy will be constrained by the growth of imports.

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