Today, during the meeting of the Government of the Republic of Kazakhstan chaired by the Prime Minister Bakytzhan Sagintayev, the updated forecast of the main macro indicators and budget parameters for 2017 was considered.

Minister of National Economy Timur Suleimenov reported that the forecast of socio-economic development of the country was clarified on the basis of reporting data on GDP for 2016 and indicators for the current year.

So, since the beginning of 2017, there has been an improvement in economic activity in the Republic of Kazakhstan. The GDP growth for the first nine months of this year is 4.3%, and in general, 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 higher than the indicator approved in February for 2 114.7 billion tenge. GDP per capita will increase to $8.7 thousand.

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

The volume of oil production was increased from 81 to 84.5 million tons as a result of overfulfilment of the plan for production at large fields (Kashagan, TCO, Karachaganak). The increase in the volume of gross agricultural output is kept at 2.5%.

Taking into account the improvement in economic activity and the stabilization of world prices for exported goods, the export forecast was increased by $1.9 billion to $47 billion, imports remained at the approved level of $32.7 billion.

Based on the adjusted macroeconomic forecast, the forecast of the parameters of the republican budget for 2017 have also been specified. The revenues of the republican budget (excluding transfers) in 2017 are estimated at 4 952.8 billion tenge, which is 60.8 billion tenge above the approved plan.

The main overfulfilment is expected for corporate income taxes from subsoil users, as well as for non-tax revenues due to unplanned dividend income and part of the revenue of state-owned 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.

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