Kazakh Economy Set to Grow 3-4% Annually

Sep 19. New Europe

Kazakh Economy Set to Grow 3-4% AnnuallyKazakhstan’s rate of economic growth is anticipated to amount to 4.1% by 2015, announced Kazakh Minister of Economic Development and Trade Zhanar Aitzhanova.

The latest macroeconomic forecast for the upcoming four years seems to be optimistic, and is prepared with due regard to the trends of the world economy, the situation on world commodity markets, as well as prospects for the development of sectors of Kazakh economy in the first half of this year.

The GDP growth will amount to 3.1% in 2011, 3.3% – in 2012, 3.5% – in 2013 and reach 4.1% by 2015, Aitzhanova said.

According to the forecast, the implementation of industrial projects and an increase in external demand for Kazakh exports will help the industry grow by 3.6% in 2011 and 3.9% in 2012.

The expansion rate in the manufacturing sector will also increase significantly by 3.4% in 2011 and 7.2% by 2015.

Annual growth in gross agricultural output in 2011-2015 is expected at 4.3%, reaching 4.8% in 2015.

Aitzhanova noted the output expansion in industry and agriculture is expected to boost the volume of transport services and trade.