Minister of National Economy Serik Zhumangarin presented the country's socio-economic development forecast for 2027-2029 at a government meeting, reports infohub.kz.
The head of the Ministry of National Economy noted that the forecast takes into account global economic prospects and external market conditions. Despite ongoing external challenges, Kazakhstan's economy will continue to grow, he said. Under the baseline scenario, average annual real GDP growth is projected at over 5% in 2027-2029. Nominal GDP will rise from 199.3 trillion tenge in 2027 to 245 trillion tenge in 2029.
Economic growth will be driven by increased production in non-oil sectors. The inflation forecast corridor is set at 7.5-9.5% in 2027 and 6-8% in 2028-2029. Based on the macroeconomic forecast, republican budget revenues are projected at 19.9 trillion tenge in 2027, 21.7 trillion tenge in 2028, and 23.4 trillion tenge in 2029.
To maintain fiscal sustainability, the budget deficit is set at 2.3% of GDP in 2027, declining to 0.4% of GDP by 2029. The non-oil deficit will shrink from 5.3% of GDP to 2.5% of GDP, Zhumangarin emphasized.