Kazakhstan's 3-year budget based on $90 per barrel oil price

Kazakhstan has based its new 3-year budget on the oil price of $90 per barrel, Tengrinews reports citing the press-service of the Ministry of Economy and Budget Planning of Kazakhstan. "Vice-Minister of Economy and Budget Planning of Kazakhstan Lena Karmazina presented the draft national budget for 2014-2016 to the Senate (the Upper Chamber of the Parliament). The oil price was set to $90 per barrel based on the average oil price of the last five years," the message said. According to Lena Karmazina, Kazakhstan's nominal GDP will almost double in three years: from $250 billion in 2014 to $428 billion in 2018. The GDP per capita will grow from $14.6 thousand in 2014 to $24 thousand in 2018. And the real GDP growth is forecast at 6-7.1% a year in 2014-2018. According to the Vice-Minister, the services sector is expected to develop at a rapid pace. The trade will grow by 9.8% and the transport and communication services will grow by an average of 7%. The annual inflation is expected to stay within the range of 6-8% in 2014-2018. "The national budget for 2014-2016 has the following parameters: - in 2014 the revenues are expected to make $37 billion, which is $3.4 billion more than in 2013, - in 2015 the revenues are expected at $40.3 billion, which is a $3 billion increase against the forecast 2014 budget revenues, - in 2016 the revenues are going to make $44.5 billion, which is $4 billion more than in 2015," Lena Karmazina said. It is planned to make a transfer from the National Fund (accumulating the country's excess oil revenues ) into the national budget in the amount of $972 million in 2014.