Kazakhstan’s budget deficit at over KZT2.3trl in 2022

While presenting reports of the Government and Supreme Audit Chamber on the execution of the republican budget for 2022, Kazakh Finance Minister Yerulan Zhamaubayev said that the GDP growth stood at 3.2% in 2022, 1.1% more than the approved forecast value. The main trends were growth in the services sector, real sector; greater trade balance due to higher growth exports; increased investment activity in construction and service production.

Investments in fixed capital rose by 7.9% due to construction of industrial and social facilities, housing, transport and engineering infrastructure, and wind power stations.

The inflation rate stood at 20.3%, exceeding the target corridor of 8-10%.

According to Zhamaubayev, budget revenues stood at KZT16.142trl, whereas budget expenditures KZT18.532trl, leading to a deficit of KZT2.391trl or 2.4% to the GDP.