The AERC Centre for Applied Economic Research has stated that Kazakhstan's state budget deficit in 2024 will increase compared to previous figures.
According to the "Kazinform" International News Agency, researchers believe that Kazakhstan's state budget deficit this year will amount to 6.69 trillion tenge.
In the April forecast, however, experts claimed this figure would be 5.8 trillion tenge.
"The indicators have worsened due to a reduction in revenue from corporate income tax (CIT), which is linked to a slowdown in the growth rate of sectors of the Kazakh economy", the report states.
At the same time, researchers expect a decline in budget revenue from personal income tax (PIT). It has become known that this is due to pessimistic forecasts for the growth of Kazakhstani citizens' cash incomes.
"State budget expenditure for 2024 is forecast at 29.7 trillion tenge. The expenditure forecast has been maintained since the April review", the experts stated.
It is noted that the state budget deficit relative to Kazakhstan's GDP stood at 5.1%.
Incidentally, high budget deficits have also been identified in European Union (EU) countries. In this regard, the EU Council has launched investigations into Belgium, France, Italy, Hungary, Malta, Poland and Slovakia.