Economics

Minister of National Economy announced forecast for level of Kazakhstan's GDP by the year end

Photo: Kazpravda.kz/Adilbek Tauekelov
By the end of the year, the level of Kazakhstan's GDP may be minus 2.1%. Ruslan Dalenov, Minister of National Economy of the Republic of Kazakhstan, announced this at a meeting of the Government, Kazpravda.kz reports.

"Taking into account the current trends in the sectors of the economy, according to our estimates, GDP growth in 2020 will amount to minus 2.1%. Nominal GDP is estimated at 69.8 trillion tenge, which is 102 billion tenge higher than the previously revised forecast. This is due to an increase in the base indicator of 2019. According to the National Bank, inflation will be 8%," Dalenov said.

He noted that the growth forecast for the industries of the real sector of the economy was improved. According to him, construction is projected to grow by 6.5%, agriculture - by 4.9% and manufacturing industry - by 3.7%. At the same time, the growth rates of the service sectors affected by restrictive measures may be reduced.

"It is proposed to increase the forecast oil price from $ 20 to $ 40 per barrel, taking into account the actual price. In January-September, the average oil price was $ 42 per barrel. The volume of oil production according to the revised plan will amount to 85 million tons. Exports of goods will increase to 45, $ 5 billion; imports of goods will amount to $ 33.8 billion. Thus, the increase in the positive trade balance is forecast by $ 3.2 billion to $ 11.7 billion," the minister stressed.
Author:
Zhanat Tukpiev
11:11, 13 October 2020
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