By empty (11/9/2005 issue of the CACI Analyst)
Kazakhstan\'s parliament on Wednesday approved the oil-rich Central Asian nation\'s 2006 budget, sending the draft to President Nursultan Nazarbayev for his signature. The budget forecasts economic growth of 8.3 percent for 2006, up from an estimated 7.
Kazakhstan\'s parliament on Wednesday approved the oil-rich Central Asian nation\'s 2006 budget, sending the draft to President Nursultan Nazarbayev for his signature. The budget forecasts economic growth of 8.3 percent for 2006, up from an estimated 7.9 percent growth rate this year. The budget envisions a deficit equal to 1.4 percent of gross domestic product, down slightly from 1.7 percent in 2005. Revenues are forecast to rise 25 percent from 2005 to 1.5 trillion tenge (US$11.2 billion, euro9.5 billion) and expenditures are expected to total 1.6 trillion tenge (US$12 billion, euro10.2 billion), a 33 percent increase from 2005. Compared to seven years ago, Kazakhstan\'s economy has grown by 75 percent. Nazarbayev, who has 15 days to approve the budget, is expected to sign it. (AP)