“When clarifying macro indicators, the average annual oil price in the budget is set at $90 per barrel. Based on the foregoing, the forecast for the growth of the country's economy has been reduced from 3.9% to 2.1%. Nominal GDP is estimated at 91.5 trillion tenge, which is 3.5 trillion tenge higher than the approved forecast,” he said.
Meanwhile, according to the minister, the forecast indicators in the manufacturing industry have been reduced from 3.5% to 2.9% due to the limitation of production in the metallurgy due to increased protectionism in the world and tariff growth. The growth in construction will remain at the previously approved level of 3.8%. The forecast on information and communication was lowered from 8.3% to 5% as a result of a decrease in demand for communication services.
According to the National Bank’s forecast, exports will increase to $72.2 billion, imports will amount to $40.2 billion.
“Inflation is defined within the range of 8-10%. Based on the adjusted macroeconomic forecast, the forecast for budget revenues has been revised. The revenues are estimated at 10.2 trillion tenge, which is 955 billion tenge higher than the approved plan,” Kuantyrov continued.
According to him, the main increase in revenue is expected in the export customs duty due to an increase in the rate against the background of an increase in the forecast oil price, changes in the tenge against the dollar and corporate income tax due to an increase in macroeconomic indicators.
Source: https://lsm.kz/pravitel-stvo-odobrilo-korrektirovki-v-byudzhet-2022-goda
Photos are from open sources.
