National Economy Ministry forecasts inflation to steadily decline in Kazakhstan
Deputy Prime Minister – Minister of National Economy of Kazakhstan Nurlan Baibazarov provided the forecast of social and economic development of the country for 2025/29 during a plenary session of the Majilis today, Kazinform News Agency correspondent reports.
The minister said that the base scenario with the oil price at 75 US dollars per barrel and the dollarto tenge exchange rate at 470 took as the basis for the formation of the forecast.
The inflation rate is expected at 5.5-7.5% in 2025, 5-6% in 2026 and further reduction to 5% in 2027/29, said Baibazarov.
According to him, the real GDP growth is to stand at 5.6% in 2025 and the average annual GDP growth of 5.4% in the next five years. The nominal GDP is to rise from 150.8 trillion tenge in 2025 to 234.2 trillion tenge in 2029.
The growth rate in industry is to be at 4.1% on average, with manufacturing rising by 5.8% and mining by 2.9%. The average growth is predicted at 5.3% in agriculture, 9.3% in construction, 8.2% in transport services, and 7.1% in trade. Oil production is expected to rise from 97.2 million tons in 2025 to 104.8 million tons in 2029, said the Kazakh minister.
According to the forecast, Kazakhstani exports are to rise from 82.3 billion US dollars in 2025 to up to 90.0 billion US dollars in 2029, while imports are to increase from 61.3 billion US dollars to 67.5 billion US dollars.