Kazakhstan’s Budget 2018 may assume higher crude oil price

The government of Kazakhstan will revise macroeconomic parameters upwards, in particular, a budget reference oil price for this year, Deputy Minister of National Economy Ruslan Dalenov. 

"First of all, it’s a crude oil price. Earlier the budget was based on $45 a barrel for this year. The oil price currently is slightly more than $ 60 per barrel, while the consensus forecast of the UN, WB and IMF averages $58. We are now considering what budget benchmark price to pick for this year,” Dalenov said at a briefing in Astana. 

The parameters for exports and manufacturing industry will also be revised up. He noted, the economic situation in the country has improved, as a whole. "GDP grew by 4% in 2017, which is higher than the average rate in the world and neighboring countries. I can say that today there is no crisis in the country,“ he said.