BAKU, Azerbaijan, June 12. The state budget deficit of Kazakhstan reached 0.5 trillion Kazakh tenge ($1.1 billion) from January through April 2023, Trend reports.
According to the Eurasian Development Bank, this marks a significant shift from the surplus of 0.2 trillion Kazakh tenge ($446 million) recorded during the same period the previous year.
The growth rate of expenses, which stood at 27.1 percent year-on-year, outpaced the dynamics of the budget's revenue, which experienced a growth rate of 14.6 percent year-on-year.
This year, the growth of tax revenues has slowed down due to lower global oil prices and a decrease in the volume and value of fuel, energy materials, and metals exports. Additionally, the transfer volume from the National Fund has decreased by 8.1 percent year-on-year.
The increase in state budget expenses can be attributed to the rise in wages for public sector employees, an increase in social payments, and higher debt servicing volumes.
In the first quarter of this year, Kazakhstan's budget deficit reached 318 billion Kazakh tenge ($713.1 million) against 188 billion Kazakh tenge surplus ($421.5 million) recorded during the same period last year.
