BAKU, Azerbaijan, May 12. Kazakhstan's National Bank expects a current account surplus in 2023, Trend reports via the bank's report.
According to the bank, Kazakhstan's current account surplus is more likely to decline to $2.2 billion under the baseline scenario. In 2022, this figure stood at $8.5 billion due to high commodity prices.
In 2022, the export of goods increased by 30.9 percent to $86.1 billion, mainly due to high commodity prices for oil, metals, gas, coal, uranium, and wheat. In the medium term, the increase in oil production in large oil fields is expected to partially offset the decrease in oil prices.
Import of goods rose by 19.7 percent to $49.8 billion due to the insufficient domestic production of manufactured goods. In the medium term, the import of goods is expected to remain at a high level due to stable demand from households and businesses financed by personal and borrowed funds, as well as rising fiscal spending.
Despite the high level of imports and the correction of commodity prices, the planned increase in oil production is expected to ensure a current account surplus in the medium term.