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Kazakhstan’s GDP is expected to be 6% in 2013

GDP growth in Kazakhstan is expected to be 6% in 2013, the republic’s Minister of Economic Development and Trade Bakytzhan Sagintaev has stated.

“According to forecasts, real GDP growth in Kazakhstan will be 6% in 2013, 6.1% in 2014, 7.6% in 2015, 6.6% in 2016 and 6.9% in 2017,” the Minister revealed at a cabinet meeting, explaining that the figures corresponded to an average 7% rise in the medium term.

He confirmed that the main drivers of this growth will be increased by internal demand, set to grow by around 6.7%, along with continued international demand for Kazakhstani production. Nominal GDP is predicted to rise from 36.6tn tenge in 2013 to 65.3tn tenge in 2017, with GDP per capita in line for an increase from $14,000 to $24,000 in this period. Exports will rise from $96.1bn to $116.7bn and imports from $56.3bn to $92.3bn in the same period.

The international agency Fitch Ratings predict Kazakhstan’s economy to grow by at least 5% in 2012, and President Nursultan Nazarbayev stated that GDP growth of 7% was expected for this year in his address at the 5th Astana Economic Forum.

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