11:42 - 27.08.2024

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August 27, Fineko/abc.az. The government of Kazakhstan has approved the country's socio-economic development forecast for 2025-2029, under which Kazakhstan's GDP is expected to grow by 5.6% in the upcoming year, with an average annual growth rate of 5.4% over the next five years.

ABC.AZ reports citing Nurlan Baibazarov, Kazakhstan's Minister of National Economy that the nominal GDP is set to rise from 150.8 trillion tenge ($319.7 billion) in 2025 to 234.2 trillion tenge ($498.4 billion) by 2029.

Inflation is projected to remain stable at 5.5-7.5% in 2025 and further decrease to 5-6% in 2026.

Minister Baibazarov also revealed that the government's baseline scenario assumes an average oil price of $75 per barrel.

This projection is slightly lower than the previous assumption of $80 per barrel used in formulating the national budget for 2024-2026.