BAKU, Azerbaijan, February 16. The National Bank of Kazakhstan released the details of the macroeconomic survey containing expert analysis on the near-term macroeconomic performance of Kazakh economy, Trend reports, citing the National Bank of Kazakhstan.
Analysts representing 12 major companies and international financial institutions participated in the survey.
The surveyed adjusted their previous forecasts made in November 2022 regarding inflation projection. The results indicated that experts consider inflation to roam around 11.8 percent, a 0.6 percent increase compared to earlier estimates. The projection for 2024 stands at the 8 percent level, thus remaining unaffected.
The participants suggested that inflation in 2025 may drop to 7 percent.
Equally important is the prediction of the expert community regarding the possible oil prices in 2023. Latest research highlights that analysts have a less optimistic view on this matter, compared to earlier survey. The average price of oil is expected to be in the region of $83.1, while previously experts projected the price to amount to $87.5 per barrel. Oil price is expected to take a further drop in 2024 and decrease to $80 per barrel.
The analysts predict that despite the drop of oil prices, exports will increase by $4.4 billion compared to earlier estimates, reaching $91.6 billion in 2023. Export volume will increase again in 2024 by $5.9 billion to $93.9 billion.
GDP growth was amended as well. Now, surveyed experts consider a figure of 3.7 percent more realistic, compared to 3.8 percent put forward in November 2022.
The National Bank is the central bank of the Republic of Kazakhstan. The objective of the institution is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.