ALMATY, Oct. 14 (Xinhua) -- Inflation in Kazakhstan is projected to range from 7.5 to 9.5 percent in 2027 and from 6 to 8 percent in 2028-2029, the country's Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said Wednesday.
The forecast took into account current economic conditions, projections by international financial institutions for global economic growth, and trends in external markets, Zhumangarin told a meeting of the Ulttyq Qurultay, or National Congress.
Under the baseline scenario, which assumes an oil price of 70 U.S. dollars per barrel, Kazakhstan's average annual real GDP growth is projected to exceed 5 percent between 2027 and 2029. Nominal GDP is expected to rise from 199.3 trillion tenge (about 441.7 billion dollars) in 2027 to 245 trillion tenge in 2029, Zhumangarin said.
Economic growth is expected to be driven mainly by non-oil sectors, including manufacturing, agriculture, construction and services. Exports of goods are projected to increase from 82.8 billion dollars in 2027 to 88.5 billion dollars in 2029, while imports are expected to rise from 80.5 billion dollars to 88.4 billion dollars, he added.
In the first nine months of 2026, Kazakhstan's economy grew by 4.2 percent, driven largely by growth in the non-resource sector, according to Zhumangarin. (1 Kazakh tenge = 0.0022 U.S. dollars) ■