Applied Economics Research Center Forecasts Kazakhstan’s Economic Growth to Reach 2.9 Percent in 2022

ASTANA – The Applied Economics Research Center (AERC) published the October Kazakhstan Macroeconomic Review on Oct. 26, updating the forecast for the country’s gross domestic product (GDP) growth to 2.9 percent in 2022, reported the AERC press service.

The AERC estimates that in 2022 the price of Brent crude oil will average US$102.09 per barrel, the economies of Kazakhstan’s trading partners will rise by 1.1 percent, and the volume of oil and gas condensate output in the country will reach 84 million tons.

According to the baseline scenario, the AERC expects the average annual consumer inflation to reach around 13.8 percent by the end of 2022, a current account deficit of the country’s balance of payments at 2.9 percent of GDP, and a state budget deficit at -2.9 percent of GDP.

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