ASTANA, Kazakhstan, April 3. Kazakhstan’s National Bank has published the results of the latest macroeconomic survey, which analyzed key economic indicators of the country, including oil prices, GDP, inflation, the base rate, as well as exports and imports of goods and services, and the exchange rate of the tenge, Trend reports via National Bank of Kazakhstan.
According to the survey results, the forecasts for the price of
Brent oil for 2025 and 2026 remain unchanged - $75.0 and $72.0 per
barrel, respectively.
"The forecast for 2027 has been slightly revised upwards to $72.5
per barrel," the National Bank of Kazakhstan reports.
As for economic growth, the forecasts have been revised downward.
"The forecast for 2025 was revised from 4.9 percent to 4.7 percent, and for 2027 from 4.5 percent to 4.3 percent. Expectations for 2026 remain at 4.5 percent," the report states.
Inflation forecasts have been increased across the entire forecast horizon.
"Median forecasts for 2025 increased from 8.7 percent to 10.6 percent, for 2026 from 7.0 percent to 9.0 percent, and for 2027 from 5.8 percent to 6.1 percent," the survey notes.
Forecasts for the base rate for 2025-2027 have also been revised, and they now remain high due to changes in inflation expectations.
"The forecasts for the end of 2025 are 15.9 percent, for the end of 2026 are 14.3 percent, and for the end of 2027 are 11.5 percent," the study emphasizes.
The survey involved 16 organizations engaged in analyzing Kazakhstan’s macroeconomic indicators, including market participants, research institutes, international organizations, and rating agencies.
The results of the macroeconomic survey are not official forecasts of the National Bank and reflect the independent opinion of market participants on the current economic situation.
