Kazakhstan's Budget Drama Unveiled: Skyrocketing Deficits and Regional Surprises!
The state budget deficit of Kazakhstan for the first 11 months of 2023 has nearly doubled compared to the same period in 2022, reaching -1.9 trillion tenge (-2.5% of GDP) representing the difference between revenues and expenditures, net budget borrowing, and the balance of financial asset operations.
Regionally budget deficits for the 11 months of 2023 are notably observed in three areas - Almaty (-11.7 billion tenge), East Kazakhstan (-4.7 billion tenge), and Zhambyl (-0.5 billion tenge).
The non-oil budget deficit of Kazakhstan's state budget which accounts for the difference between receipts excluding loans, transfers from the National Fund, and export customs duties on crude oil, and expenditures of the state budget excluding loan repayments has deepened by 7.7% for the first 11 months of 2023 compared to the same period in 2022, reaching -7.2 trillion tenge (-9.6% of GDP).
