EBRD raises Kazakhstan’s estimated GDP growth rate

The European Bank for Reconstruction and Development (EBRD) has raised its Kazak economy’s estimated growth rate from the earlier 4.9% (forecasted in May) to 5.6%, the Bank announced November 12, according to Newskaz.ru. The estimated 2014 growth rate remains at 5.5%. The Bank elaborated that the country’s GDP growth slowed from 7.5% in 2011 to 5% in 2012. Meanwhile in the first three quarters of 2013 the economy growth rate reached 5.7% and is poised to remain at the level to the end of the year, propped up by growing crude production. At the same time the Bank’s analysts point to weakness of the country’s banking sector, with over 30% of the loan portfolios being NPLs. In October the country’s Government estimated the GDP growth rate to stand at about 6% by the end of the year.