BAKU, Azerbaijan, February 27. The growth of Kazakhstan’s gross domestic product (GDP) is expected to reach 4 percent in 2023, Alikhan Smailov, the Prime Minister of Kazakhstan, said, Trend reports, citing the press service of the Kazakh President.
The statement was made in the framework of the meeting between the head of the Kazakh government and Kassym-Jomart Tokayev, the President of Kazakhstan.
The prime minister noted that the projected growth is forecasted on the government’s expectation of oil prices being in the region of $85. He added that budget expenditures for 2023 are planned to be adjusted by 2.2 trillion Kazakh tenge ($4.88 billion) due to internal redistribution and an increase in budget revenues.
The adjusted expenditures entail increasing the funding for small cities, improving the living conditions of the rural population, and supporting national food security, among others.
Finally, Smailov and Tokayev agreed on the importance of further developing transport infrastructure in a bid to improve the transit and logistics potential of Kazakhstan, which is one of the key national economic priorities.
Earlier, it was revealed that the Kazakh economy grew by 3.1 percent in 2022. The key drivers of the growth included the construction, agriculture, transportation, and logistics sectors. In comparison, the economic growth in 2021 amounted to 4 percent.