State budget income forecast in Almaty area executed by 112.7 %
The state budget income forecast of the Almaty area has been executed by 112.7 %, the agency reports citing official mass media.
Almaty. February 25. Kazakhstan Today - The state budget income forecast of the Almaty area has been executed by 112.7 %, the agency reports citing official mass media.
Tax Department of the Almaty area summed up the results of the work of 2009 and set the new objectives for 2010.
The chief of Tax Department of the area, Aygul Zholdybek in her report stated that the primary goals of tax bodies last year was achievement of the forecasted indicators and finding of additional funds to increase taxes receipts in the budget, which have been executed.
The forecast of the state budget incomes has been executed by 112.7 %. 118 billion KZT has been received and overfulfillment has amounted to more than 13 billion. Despite the new tax mode conditions, in comparison with 2008, the budget received by 4 billion KZT more, the rate of increase has totaled 106.7 %. All areas and cities executed the annual forecast of the state budget income. The plan execution of the republican budget incomes - 114.1 %, local - 110.4 %.
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ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
Images | Depositphotos
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Economic prospects
ADB forecasts that GDP growth will slow in 2024 but recover in 2025. Growth is forecast to decline to 3.8% in 2024, with industry slowing due to stagnant oil production, before accelerating to 5.3% in 2025 as the expansion of the Tengiz oil field leads to higher oil production starting from the second quarter of 2025.
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
Despite a slowdown in 2024, economic growth is expected to be bolstered by consumer spending and investment demand. The anticipated growth in consumption is forecasted to moderate to approximately 4% in both 2024 and 2025 due to a slower increase in real disposable incomes.
Services growth is forecast to slow to 4.7% in 2024 after record growth in 2023 before rebounding to 4.9% in 2025, supported by trade, transport and hospitality, and trade facilitation between Europe and Asia. Industrial growth is forecast to slow to 3.5% in 2024, with smaller gains in mining, and accelerate to 5.7% in 2025 as oil production increases.
Investment growth in Kazakhstan is also projected to moderate, reaching 14.5% in 2024 and 9.0% in 2025, following the completion of significant infrastructure projects. Despite the support from state-sponsored housing construction initiatives and endeavors to attract foreign investment, these factors are expected to contribute to the overall moderation in investment growth.
Inflation rates
ADB forecasts that service prices are forecast to be the main source of inflation, rising 9.8% in 2024 and 8.1% in 2025 due to government-announced increases in utility prices.
The National Bank of Kazakhstan will gradually ease monetary policy and reduce the policy rate in line with the decline in inflation and inflationary expectations. However, rising utility prices and continued strong domestic demand will keep inflation above the National Bank's 5% target.
Caucasus and Central Asia economies
According to an ADB report, Caucasus and Central Asia economies will slow after the boost from re-exports and Russian migrant inflows in 2023. Growth in the subregion is forecast to fall to 4.3% in 2024, down from 5.3% in 2023 bouncing back to 5.0% in 2025.
In Uzbekistan, growth is forecast to moderate to 5.5% in 2024 and 5.6% in 2025 from 6% in 2023, as services, agriculture, and domestic demand cool on persistent inflation and slower growth in household income.
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7th meeting of the Committee for Cooperation of the Republic of Kazakhstan - European Union in trade configuration was held
Images | Ministry of Trade and Integration
On April 9, 2024, in Brussels the 7th meeting of the RK-EU Cooperation Committee in a trade configuration chaired by the Vice-Minister of Trade and Integration of the RK Kairat Torebaev and Acting Director of Directorate E in the European Commission's Directorate-General for Trade and Chief Advisor to the Director-General, Management with Southern Neighbors, the Middle East, Turkey, Russia and Central Asia Leon Delvauxб press service of the Ministry of Trade and Integration reports.
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Moreover, following the results of the 7th meeting, an agreement was reached on the arbitrators in accordance with Article 196 of the EPCA.
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