BAKU, Azerbaijan, March 13. The surplus of Kazakhstan’s state budget in January 2023 amounted to 122.5 billion Kazakh tenge ($272.99 million), Trend reports, citing the Eurasian Development Bank (EDB).
This constitutes a 38.71 percent decrease in year-over-year terms.
Revenues grew by 19.9 percent year-over-year, compared to the 24.1 percent growth of expenditures, compared to January 2022.
Tax revenues also increased by 31.6 percent year-over-year, while transfers from the National Fund decreased by 22.2 percent.
The EDB notes that budget expenditures grew as a result of planned wage hikes for government sector employees, including education and healthcare professionals. Another factor contributing to the growth of expenditures was the government’s commitment to increasing the minimum wage.
EDB analysts believe that the public finance sector will support the economy in 2023, and accordingly, a budget deficit can be expected in the coming months.
Earlier, the government projected that the budget deficit will reach 2.7 percent of the GDP by the end of 2023, which is an increase of 0.3 percent compared to 2.4 percent in 2022.