ADB lowers Kazakhstan’s economy growth estimate from 5.2% to 4.8%

Asian Development Bank (ADB), based in Manila, Philippines, has lowered its 2013 Kazakhstan’s economy growth estimates from 5.2% to 4.8%, Newskaz.ru reports, citing a Bank’s report. According to the Kazakhstan’s State Agency for Statistics, the country’s GDP grew by 5.5%from January to August. The country’s Ministry of Economic Affairs and Budget Planning earlier announced that the real economy growth in Kazakhstan is expected at 6-7.1% in 2014-2018. Late August Standard & Poor's estimated Kazakhstan’s economy was set to grow by 5.7% a year on average from 2013 to 2016. ADB forecasts the overall economy growth in Central Asia will slow down from 5.6% to 5.4% in 2013 “due to slowing of economic growth both in Kazakhstan and Georgia”. The growth figure is to recover to 6% in 2014.