Finance Minister: 2016 economic growth boosts national budget revenue

ASTANA. KAZINFORM The economic growth in 2016 caused the increase in the republican budget revenue. Kazakh Finance Minister Bakhyt Sultanov stated this in a Majilis plenary session that considered the Government and the Accounts Committee's reports on the republican budget execution for 2016.

"In 2016, the economy increased by 1 percent despite the fall in prices for export commodities due to external negative factors. This is one of the main contributors to the income target overachievement and growth", Mr. Sultanov said.

According to the report, with KZT 7,648.4 billion as the revenue target, the republican budget received KZT 7,662.2 billion in 2016 or 102 percent over the target. As compared to 2015, the income has increased by KZT1,525.3bn or 25 percent.

According to Sultanov, this made it possible to preserve the guaranteed transfer from the National Fund equaled to KZT370bn.

The budget expenditure has reached KZT7,898.8bn exceeding the 2015 level by KZT 1 trillion and 338 billion. The expenditure execution is 98.3pct.

The minister stressed that social spending accounted for half of the republican budget expenditure. The budget deficit has amounted to 1.7pct of GDP. The overachievement of revenue and expenditure savings resulted in KZT158.4 billion as cash balances accumulated on the treasury account.