Today’s Government meeting chaired by Prime Minister Bakytzhan Sagintayev has considered the forecast for Kazakhstan’s socio-economic development for 2017-2021 and the parameters of the National budget for 2017-2019.

Minister of National Economy Timur Suleimenov reported that the forecast of the country’s socio-economic development was adjusted based on the reported data on GDP for 2016 and the indicators for the current year.

Thus, beginning 2017, Kazakhstan displays improvement of economic activity. GDP growth for the nine months of the current year amounted to 4.3%, and in total, the economy is expected to grow at the level of 3.4% by the end of the year. Nominal GDP in 2017 is projected at 51 855.3 billion tenge, which is 2114.7 billion tenge higher than the indicator approved in February. GDP per capita will increase to 8.7 thousand USD.

The industry growth was revised upwards to 6.2% due to the expected higher growth in the mining sector to up 8.2%, and manufacturing up to 4.5%.

The volume of oil production increased from 81 to 84.5 million tonnes due to overfulfilment of the production plans at the large fields (Kashagan, TCO, Karachaganak). The increase in gross agricultural output remains at 2.5%.

Credit risk decreased by 1.9 billion USD to 47 billion USD, imports remained at the approved level of 32.7 billion USD.

Based on the revised macroeconomic forecast, the forecast of the National budget parameters for 2017 is also adjusted. The revenues of the National budget (excluding transfers) in 2017 are estimated at 4952.8 billion tenge, which is 60.8 billion tenge more than in the approved plan.

The majority of the overfulfilment stems from corporate income taxes from subsoil users, as well as non-tax revenues due to unplanned earnings of dividends and part of the income of state enterprises.

At the same time, in order to curb the growth of government debt and maintain the country's sovereign rating, it is proposed to reduce the budget deficit by 47.9 billion tenge or from 3.1% to 2.9% of GDP.

Guaranteed and targeted transfers from the National Fund are retained in previously approved amounts.

www.primeminister.kz

Published: 17 October 2017

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