Kazakhstan has increased oil production by 7.6 percent year-on-year to 22.7 tonnes, while natural gas production rose by 8.2 percent to 15 bcm in the first quarter of this year.

The country's budget envisages 6 percent economic growth this year and annual inflation at around 9 percent.

The central bank said the annual inflation rate was expected to amount to around 12-14 percent by the end of the year, up from a previous projection of 8-9 percent.

The Central Asian country's government has projected its gross domestic product (GDP) growth at 3.9 percent in 2022.

Global growth was projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023 due to the war in Ukraine. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January.