ASTANA, Kazakhstan, November 27. According to the forecast of the European Bank for Reconstruction and Development (EBRD), Kazakhstan's average annual inflation will decrease from 5.1 percent last year to 4 percent in 2024, Trend reports.
According to the latest reports from the EBRD, Kazakhstan's current account surplus as a percentage of GDP is predicted to drop to 4.5 percent by the end of 2024, down from 3.8 percent the year before.
The bank notes that real GDP in Kazakhstan grew by 3.2 percent year-on-year in the first half of 2024, compared with 5.3 percent in the same period of 2023. A relative stagnation in the mining and quarrying sector (up by 0.3 percent year-on-year) was offset by robust growth in manufacturing (up by 5.1 percent year-on-year).
"In 2024, the consumer price index growth rate has largely followed a downward trend, reaching 8.3 percent by September 2024," the report states.
Kazakhstan is reportedly still experiencing a budget deficit as a result of increased expenditures and decreased revenue collection. The 2025–2027 draft budget predicts a budget deficit of 2.7 percent of GDP in 2025, which is comparable to the 2024 budget deficit of 2.6 percent of GDP.
To note, according to Kazakhstan's National Bank's forecast, inflation is expected to slow down from 7.5-9.5 percent in 2024 to 5.5-7.5 percent in 2025. A stabilization around the medium-term target of 5 percent is expected thereafter.