2024 Kazakh state budget deficit projection rises to KZT6.69 trillion - AERC
The new projection comes from the Applied Economics Research Centre (AERC), Kazinform News Agency correspondent reports.
In a new projection from the AERC, the state budget deficit will be 6.69 trillion tenge for the 2024 fiscal year, topping the April projection by almost 0.89 billion tenge (5.8 trillion tenge).
The key factor pushing up the long-term deficit includes reduced corporate tax revenues, which is attributable to lower growth in the economic sectors.
As per experts, individual income tax revenues will decline due to pessimistic forecasts regarding the growth rate of nominal monetary incomes of Kazakhstanis.
In the AERC’s projections, the state budget spending is estimated at 29.7 trillion tenge in 2024 – the same as it was in the April projection.
The 2024 state budget deficit now stands at 5.1% of GDP, according to the AERC projection.
Earlier it was reported the Council of the European Union had launched an investigation into 7 countries due to extreme budget deficits.
The list includes France, Belgium, Hungary, Poland, Slovakia, Malta and Romania.
