Today at the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, a draft of the updated forecast of social and economic development of Kazakhstan for 2018-2022 and parameters of the republican budget for 2018 was approved.

The reports on the main macro indicators and budget parameters for 2018 were made by the Minister of National Economy, Timur Suleimenov, and the Minister of Finance, Bakhyt Sultanov.

Minister of National Economy Timur Suleimenov reported that the nominal GDP in 2017 is estimated at 52.4 trillion tenge. It has increased by 558 billion tenge. Real growth amounted to 4%. Economic growth in January-February of this year also reached 4%.

The forecast for oil prices in 2018 was increased from $45 to $55 per barrel. The price index for metals increased by 0.4%.

"Taking into account the updated base of 2017, the nominal GDP in 2018 is projected at 57.2 trillion tenge. This is higher than the indicator approved in August for 1.3 trillion tenge. Real GDP is expected to be at the level of 3.8% (earlier it was predicted 3.1%). GDP per capita will increase to $9200," Minister of National Economy Timur Suleimenov said.

In addition, it is noted that the industry growth has been revised upwards to 3.3%. This is due to the expected higher growth in the manufacturing industry — 5.1%.

At the same time, according to the forecasts of the Ministry of Energy, the volume of oil production in 2018 will be 87 million tons. Given the increase in world oil prices and economic growth, exports will rise to $54 billion, imports to $34 billion.

The inflation will remain in the previously approved corridor of 5-7%.

Based on the adjusted macro forecast, the forecast of the parameters of the republican budget for 2018 has been specified.

"Incomes (excluding transfers) in 2018 are estimated at 5.7 trillion tenge. This is above the approved plan for 190 billion tenge. Incomes to the National Fund are projected to grow by 546 billion tenge and will amount to 2.6 trillion tenge," Timur Suleimenov said.

The currency assets of the National Fund at the end of the year are projected at $58.3 billion, which is 34.7% of GDP.

Minister of Finance Bakhyt Sultanov, in his turn, presented the draft Law on the specification of the republican budget for the current year, aimed at implementing the instructions of the Head of State, voiced in the Addresses to the people of Kazakhstan and 5 social initiatives of the President.

The changed forecast of the country's macroeconomic indicators became the basis for clarifying the approved indicators of the republican budget for 2018.

Thus, the revenues of the republican budget as a whole were increased by 181.4 billion tenge and amounted to 8 759.7 billion tenge, mainly from the export customs duty on oil as a result of an increase in the price of oil and production.

Expenditures of the republican budget in 2018 will amount to 9 643 billion tenge, with an increase of 417 billion tenge. Of this amount, 292.5 billion tenge will be used to implement the Addresses of the Head of State "Third Modernization of Kazakhstan: Global Competitiveness" and "New Opportunities Under the Fourth Industrial Revolution".

"To raise the salaries of teachers from 30 to 50%, 61.8 billion tenge will be allocated, to increase the educational order for 20 000 grants, it is proposed to provide 5 billion tenge. The new benefit for persons caring for disabled people is 2.7 billion tenge. To provide drinking water to rural settlements, an additional 30.9 billion tenge will be directed," Bakhyt Sultanov said.

In addition, the draft budget takes into account the costs of the country's earlier commitments and instructions of the President, for a total of 99.4 billion tenge. Bakhyt Sultanov said that within the framework of these funds, measures and projects will be financed for the further development of the cities of Astana (25 billion tenge) and Almaty (10.7 billion tenge), provision of housing for military officers (18.7 billion tenge).

 

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