The forecast price of oil in Kazakhstan’s revised budget for 2018-2020 has been increased from $55 to $60 per barrel, Kazakhstan’s National Economy Ministry announced, according to the Kazakh media.
"Taking into account the current situation in the world economy, situation in the commodity markets, preliminary results of the development of sectors of the Kazakh economy in 2017 and in January-September 2018, the forecast of macroeconomic indicators for 2018 has been updated. In the basic scenario, the price of oil has been increased from $55 to $60 per barrel in 2018," the message said.
Meanwhile, nominal GDP is estimated at 58,243 billion tenge, which is 1,036 billion tenge higher compared to the April update. Thus, the GDP per capita will be $9114.2.
Real GDP growth was maintained at 3.8 percent, and the forecasts for the growth of the sectors of the economy were also left unchanged. The forecast for exports has been increased by $2.6 billion and amounted to $56.5 billion, while the import figures are $33.2 billion.
Moreover, the National Bank of Kazakhstan has maintained the target corridor of annual inflation in the previously planned range of 5-7 percent, while unemployment remained at the previously established level of 4.9 percent.