National Economy Ministry increases projected oil price up to $35 per barrel

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ASTANA. KAZINFORM - The Ministry of National Economy of the Republic of Kazakhstan has increased the projected oil price up to $35 per barrel in 2016.

Minister Kuandyk Bishimbayev revealed the news speaking at the plenary session of the Majilis of the Parliament of the Republic of Kazakhstan on Wednesday.

The plenary session focused mainly on the amendments to the republican budget for 2016-2018 and the revised forecast of socioeconomic development in Kazakhstan in 2016.

"Given the current situation in the global economy and results of the development of Kazakhstan's economy since the beginning of 2016, we have revised the forecast of macroeconomic indexes for 2016. Year-average oil price increased from $30 to $35 per barrel. Index of changes in ore prices dropped from 15.0% to 12.7%. Yearly average dollar exchange rate remained at the level of KZT 360 per $1. Volume of expected oil output increased from 74 million tons to 75.5 million tons. It was affected by the surge in year-average oil price and the launch of the Kashagan oil field in October 2016. The GDP growth will be 0.5% in accordance with the forecast made earlier," the minister said.

In his words, nominal GDP is forecast to reach KZT 44 354 billion, that is KZT 187 billion than in the forecast approved in February 2016. GDP per capita will make $6,900.

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