Kazakhstan’s GDP is set to reach
5.3 percent by 2024, with an anticipated increase to six percent by 2026-2028,
as outlined in the forecast for the country’s socio-economic development
presented by National Economy Minister Alibek Kuantyrov in the Senate. Positive
trends are projected across all primary industries, with the non-oil sector as
one of the main drivers of growth. Thus, industrial growth is forecasted to
average four percent, and the manufacturing sector will grow by nearly five
percent during the period from 2024 to 2028. The annual oil production in the
country is anticipated to exceed 100 million tonnes by this time. Additionally,
industries such as agriculture, construction, services, trade, transportation,
information, and communication are also expected to experience growth during
this period, according to the relevant ministry.
“The export volume is expected to
reach $83.1 billion in 2024, increasing to $94.8 billion in 2028, while imports
will rise from $60.7 billion to $65.6 billion. Overall, the implementation of
President Tokayev’s instructions and parliamentary initiatives is achieved
through measures taken by the Government aimed at replenishing the revenue base
of both the state and local budgets. In 2024, the projected revenues of the
state budget are expected to amount to 16.1 trillion tenge, accounting for 11.9
percent of the GDP. Compared to the current year’s estimate, this represents a
growth of 2.7 trillion tenge. It is expected that by 2026, these revenues will
increase to 18.4 trillion tenge, or 14.1 percent,” Kuantyrov said.
Kazakh Senate returns 2024-2026
budget bill to Mazhilis
Kazakh Deputy Prime Minister and
Finance Minister Yerulan Zhamaubayev presented the draft law on the state
budget for 2024-2026 to the Senate members and explained how its parameters
were formulated.
“Revenues for 2024 are projected
at 20.4 trillion tenge. Excluding transfers, revenues will amount to 16.1
trillion tenge or 80 percent of the total income. Next year, it is planned to
attract transfers from the National Fund in the amount of 3.6 trillion tenge.
Overall, budget expenditures for 2024 increased by 1.5 trillion tenge compared
to the current year, totaling approximately 24 trillion tenge,” Zhamaubayev
said.
It is worth noting that more than
seven trillion tenge, or around 30 percent of the total budget expenditure,
will be allocated from the state budget for regional development. Nearly three
trillion tenge will be directed towards the development of the real sector of
the economy, with part of the funds intended for supporting entrepreneurs.
After the draft law was presented, Senate members considered it necessary to
increase expenditures for 2024 by 119.5 billion tenge and returned it to the
Mazhilis with this and other amendments.
