Quality and effective distribution of financial resources are necessary for national budget planning, said President Kassym-Jomart Tokayev during the meeting with Prime Minister Alikhan Smailov, Head of Presidential administration Murat Nurtleu, National Bank Chairman Galymzhan Pirmatov and other top officials on Aug. 23.
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It is reported that the country’s real gross domestic product (GDP) growth this year will be at least 3 percent and will reach 4 percent in 2023. Nominal GDP is projected to grow from 103.6 trillion tenge (US$217.1 billion) in 2022 to 120.7 trillion tenge (US$253 billion) in 2023. An increase in tax revenues from 10.5 trillion tenge (US$22 billion) to 13.5 trillion tenge (US$28.3 billion) in 2023 is supposed to drive budget revenue.
A sharp decrease in guaranteed transfers from the National Fund from more than 4 trillion tenge (US$8.5 billion) in 2022 to 2.2 trillion (US$4.7 billion) in 2023 has a positive impact on the draft national budget. The reduction of the non-oil deficit from 8.3 percent to 6.8 percent in 2023 will also benefit macroeconomic stability.
The President approved the socio-economic development forecast for 2023-2027, as well as the draft national budget for 2023-2025, taking into consideration the points discussed during the meeting.
Source: Astana