National Economy Ministry announced oil price forecast for 2019-2023
26 November 2018 13:58

National Economy Ministry announced oil price forecast for 2019-2023

ASTANA. KAZINFORM The Ministry of National Economy announced oil prices forecast for years 2019-2023.

"In recent two months, we have seen significant volatility in oil prices. In early October their price made $86.2 per barrel. On November 23, the prices dropped by 32% and made $58.8 per barrel. With the consideration of the situation at the global markets and IMF forecasts, oil price forecast was reduced from $60 to $55 per barrel," said Minister Timur Suleimenov.

He added that budget parameters have been revised for years 2019-2021, too.

National budget income (without transfers) is predicted at 6trln786bln tenge in 2019, 7trln360bln tenge in 2020 and 7trln998bln tenge in 2021.
Budget expenditures are expected to make 10trln727bln tenge in 2019, 11trln59bln tenge - in 2020 and 11trln402bln tenge - in 2021.

According to Suleimenov, budget deficit in 2019 is envisaged at 1.5% against GDP in 2018 with further decline by 1.4% against GDP in 2020 and by 1.3% against GDP in 2021.

Non-oil deficit will reduce from 6.9% against GDP in 2019 to 5.3% against GDP in 2021. Currency assets of the National Fund will go up from $63bln in 2019 to $67.4bln in 2021 (33.6% against GDP), he added.