11 Oct 2018 14:43

Kazakh govt revises upward revenue outlook in 2018-2020 budget

ASTANA. Oct 11 (Interfax) - State revenue from the oil sector will total 3.1 trillion tenge in the next three years, Kazakh Deputy Minister of the National Economy Ruslan Dalenov said while presenting amendments to the draft budget for 2018-2020 in the Majilis, the lower chamber of the Kazakh parliament.

"The non-oil deficit is expected to account for 7.4% of GDP. [...] Revenue from the oil sector will total 3.1 trillion tenge, an increase of 1.2 trillion tenge [60%] compared with the previous forecast," Dalenov said.

"Real GDP will remain at 3.8%, the growth rate of the main economic sectors will not change. Taking into account the increase in global oil prices and global economic growth, exports will reach $56.5 billion, while imports are expected to decrease nearly $1 billion to $33.2 billion. Inflation is expected to remain within the range set earlier," he said.

Revenue excluding transfers will come to 5.7 trillion tenge and expenditures to 9.6 trillion tenge. The projected budget deficit was left unchanged at 883.3 billion tenge, or 1.5% of GDP.

The reference oil price for the budget was raised from $55 per barrel to $60.

The current exchange rate is 368.7 tenge/$1.