Kazakhstan’s GDP growth forecast for 2021 increased to 3.1%


Kazakh Government considered an updated forecast of the social and economic development of Kazakhstan. According to Kazakh Minister of National Economy Asset Irgaliyev, the domestic economy is expected to grow at the level of 3.1 percent this year. Nominal GDP is estimated at 77.8 trillion tenge. In particular, indicators are predicted to improve in such sectors as metallurgy, construction, information and communications. As the National Bank of Kazakhstan forecasted, exports will also increase by US$10.8 billion in the country, which exceeds US$52 billion. Imports will amount to US$37.1 billion. Inflation has been kept in the previously approved corridor of 4 to 6 percent, said Asset Irgaliyev. Kazakh Prime Minister Askar Mamin instructed to submit to the parliament a forecast of social and economic development as well as a bill on the revised state budget until 2025.

“The government updated indicators of the Forecast of social and economic development for 2021, taking into account the operational data on the growth of Kazakhstan’s economy since the beginning of the year, situation on world commodity markets and forecasts of the growth of the global economy. This year, the real growth of the country’s GDP is forecasted at the level of 3.1 percent, oil prices at US$50 per barrel, the national currency rate at 425 tenge a dollar. In this regard, the state budget bill is formed taking into account the updated forecast of social and economic development,” Mamin said.


Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova