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Kazakhstan’s Government cuts down 2012 GDP growth estimates

23 октября 2012, 13:23
Yerbolat Dossayev. Photo courtesy of forbes.kz
Yerbolat Dossayev. Photo courtesy of forbes.kz
Kazakhstan’s Government has cut down the 2012 GDP growth estimates from the earlier 6% to 5.4%, Newskaz.ru reports, citing the country’s Minister of Economic Development and Trade Erbolat Dossayev as saying October 23.

“GDP real growth in 2012 will stand at 5.4%, down from 6% forecasted at the start of the year”, Mr. Dossayev said at a government sitting.

According to the Ministry, exports will make up $96.2 billion, $8.3 billion up as compared to an earlier estimate. Imports are expected at $48.4 billion.

“Inflation will remain within the earlier anticipated corridor of 6-8%”, according to the Minister.

“The Ministry has cut down the estimates given the recent information from the Finance minister (…) Kazakhstan will see some of its revenues declining due to falling prices for major commodities, notably mining industry-related exports … as well as due to the country’s obligations related to settlement of all issues around Karachaganak and Kashagan oil projects”, Mr. Dossayev told journalists on the sidelines of the government sitting.

The Government and the National Bank had forecasted the country’s GDP growth at 6-7% in a joint statement issued in February. According to the State Agency for Statistics, the economic growth in January – August totaled 5.6%.

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