Zhumangarin gives inflation forecast for the next three years
Tengrinews.kz — Inflation in Kazakhstan could reach 7.5–9.5 percent in 2027. The forecast was announced by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin during a plenary session of the Kurultai.
Kazakhstan expects inflation to gradually decline: it is forecast at 7.5–9.5 percent in 2027 and 6–8 percent in 2028–2029. Serik Zhumangarin said this while presenting the draft national budget for 2027–2029.
“The forecast provides for a gradual decline in inflation. The projected range has been set at 7.5–9.5 percent in 2027 and 6–8 percent in 2028–2029,” Zhumangarin said.
National budget revenues are projected at 19.9 trillion tenge, equivalent to 10 percent of GDP. Compared with the estimate for the current year, revenues are expected to increase by 2.8 trillion tenge.
“The main increase in revenues is projected to come from economic growth — 1.7 trillion tenge, a reduction in VAT refunds — 1.1 trillion tenge, and other factors — 0.5 trillion tenge. At the same time, tax revenues are expected to decline by 0.5 trillion tenge,” Zhumangarin said.
The guaranteed transfer from the National Fund will amount to 2.43 trillion tenge in both 2027 and 2028, and 2 trillion tenge in 2029. Another 2 trillion tenge from the fund is planned as a targeted transfer in 2027, while 1.5 trillion tenge will be allocated in both 2028 and 2029.
“The funds will be used to finance critically important facilities and projects of national significance,” Zhumangarin noted.
According to the forecast, the National Fund’s net foreign-currency assets will amount to $65.2 billion in 2027, $67.3 billion in 2028 and $70.6 billion in 2029.
At the end of August, annual inflation in Kazakhstan slowed to 9.8 percent, while prices rose by 0.6 percent over the month. Food prices made the largest contribution to the slowdown, with annual food inflation falling from 10.1 percent in July to 9.5 percent in August. The National Bank expects inflation to reach 9–12 percent by the end of 2026.