Kazakhstan government forecasts 7% economic growth in 2013-2017

Kazakhstan government forecasts economic growth of 6-7.6 percent a year in 2013-2017, Tengrinews.kz reports citing Prime-Minister Serik Akhmetov as saying during discussion of the draft law on state budget at the extended meeting of Nur Otan party. “These parameters are sufficient to ensure an average economic growth of 7-percent in the medium-term period,” Akhmetov said. Speaking to the deputies, Prime-Minister noted that “Despite of the escalating crisis in Europe and staggering economic growth in the European Union and the United States, Kazakhstan is maintaining a progressive economic development”. “The country’s GDP grew 5.6 percent. Macroeconomic and financial stability remains in place in Kazakhstan. In the 9 months of this year the inflation made 3.9 percent versus last year’s 6.2 percent. International reserves of the country, including the funds of the National Fund, have grown by $10.9 billion starting from the beginning of the year and made $83.8 billion. Accumulated financial potential will ensure a sustainable development of the economy in future,” head of the Government stressed. “Besides, we expect GDP per capita to reach $24 thousand by 2017 versus $14.5 thousand in 2013. The annual inflation will be within 6-8 percent range in 2013-2017,” Akhmetov said. By Gulnara Zhandagulova