GDP growth in Kazakhstan projected at 6% in 2013
2013-03-05 17:29:04
The GDP growth in Kazakhstan is expected to make 6% in 2013 in view of projected oil production, Minister of Economy and Budget Planning Yerbolat Dosaev said on Monday.
“According to preliminary figures, the GDP growth rate for January 2013 made 4%, which is 2% lower than earlier projected. Yet, the economic growth in 2013 should be more stable. In view of projected oil production we expect GDP growth at 6% this year,” Yerbolat Dosaev said at the session of the Parliament of Kazakhstan while presenting a report on anti-crisis measures adopted by the government.
With start of development of Kashagan mine, oil production is expected to grow from 82 million tons in 2013 and up to 102 million tons in 2017.
The reason of not high economic growth rate is reduction of production in processing industry by 0.8%.
Decline of the world demand for ferrous industry products led to 30.3% reduction of volume index and resulted in 13% decline in iron ore extraction.
The volume indexes of construction and agriculture are also below the target – 93.1% and 98.6% accordingly.
While talking about medium-term projections, the Minister of Economy underscored the real economic growth is projected at 6-7.6% per annum in 2013-2017, which will provide for GDP per capita at over $20,000 by 2018.
“The main source of GDP growth will be expansion of the domestic demand, which will grow by 6.5-6.8% per annum in average, maintenance of the demand for products made in Kazakhstan, growth of investments. The outstripping growth of processing industry is projected yet. The processing industry will grow by 41% and mining industry will grow by 25% over 5 years,” Yerbolat Dosaev said.