BAKU, Azerbaijan, April 11. We are expecting an increase in the domestic economy as a result of the implementation of infrastructure projects, a source at the National Bank of Kazakhstan told Trend.
The source noted that the National Bank expects to record a positive contribution of major economic sectors to the GDP growth dynamic.
He added that the increase in domestic demand will lead to imports growth. Consequently, a higher level of domestic demand will point to an increase in the economy.
Additionally, the National Bank of Kazakhstan expects oil production to increase, compared to 2022. A gradual return to the predicted level of oil production is expected to occur in 2Q2023.
Oil production in Kazakhstan is expected to amount to 90.5 million tons in 2023, with exports reaching 71 million tons. Expected high oil prices are anticipated to positively contribute to the GDP growth of Kazakhstan.
Earlier, the National Bank of Kazakhstan updated its projection on the national economic expansion and expects the annual economic growth to change between 3.5-4.5 percent in the following three years