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IMF shares updates on real oil GDP growth in Kazakhstan

Kazakhstan Materials 13 May 2023 14:24 (UTC +04:00)
IMF shares updates on real oil GDP growth in Kazakhstan
Asmar Bayramova
Asmar Bayramova
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BAKU, Azerbaijan, May 13. Kazakhstan's real GDP growth in the oil sector is projected at 7.6 percent in 2023, Trend reports citing the latest Regional Economic Outlook from the International Monetary Fund (IMF).

According to the fund's forecast, this rate is expected to increase to 10.7 percent in 2024.

Meanwhile, as the fund noted, Kazakhstan's real GDP growth in the oil sector was on the negative side in 2020, 2021 and 2022: 4.7, 0.6 and 1.7, respectively.

Kazakhstan's real GDP growth in the non-oil sector, according to the report, is more likely to be 3.4 in 2023 and 3.3 in 2024. As the fund noted, in 2022 this rate stood at 4.6. Thus, a tangible decline in the non-oil sector is expected.

Meanwhile, the fund's forecast of Kazakhstan's real GDP remained unchanged. As such, real GDP is expected to be 3.2 percent in 2023, 4.3 percent - 2024, and 4.9 percent - 2024.

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