ASTANA, Kazakhstan, April 11. The Asian Development Bank (ADB) has published forecasts for the fiscal deficit in Kazakhstan for 2024 and 2025, Trend reports.
According to forecasts, expenditures will fall to 21.9 percent of GDP in 2024 and 21.2 percent in 2025 as the rate of expansion in social expenditures slows. Total revenue is expected to fall to 19.3 percent of GDP in 2024 and 19.0 percent in 2025 as transfers from the National Fund of the Republic of Kazakhstan (NFRK) decline.
However, tax revenue is expected to increase to 16.2 percent of GDP by 2025, owing to the implementation of universal reporting of income and property.
With fewer NFRK transfers, the deficit is forecast to rise to 2.6 percent of GDP in 2024 before reducing to 2.3 percent in 2025 due to greater oil revenues. The non-oil deficit will grow to 8.3 percent of GDP in 2024, before reducing to 7.8 percent in 2025.
Meanwhile, the state budget deficit of Kazakhstan at the end of 2023 amounted to 2.8 trillion tenge (about $6.17 billion), or 2.4 percent of GDP, which is 29.6 percent higher than the 2022 level of 2.1 percent of GDP. This was due to higher growth rates of costs compared to revenues and increased acquisitions of financial assets.
