Kazakh economy ministry projects real GDP of 3.8 percent in 2018

ASTANA – The Kazakh Ministry of National Economy projects the nation’s real GDP will reach 3.8 percent this year, which is 0.7 percent higher than the previous projected indicator voiced in August 2017. The ministry also projects per capita GDP will rise to $9,200, Economy Minister Timur Suleimenov told an April 3 government meeting.

Minister of National Economy Timur Suleimenov.

Minister of National Economy Timur Suleimenov.

“Nominal GDP in 2017 is estimated at 52.4 trillion tenge (US$163.49 billion). Real growth made 4 percent. Economic growth in January-February of this year also reached 4 percent,” said Suleimenov.

“Taking into account the refined database for 2017, the nominal GDP is expected to reach 57.2 trillion tenge (US$178.46 billion) this year. This is 1.3 trillion tenge (US$4 billion) higher than what was approved in August (last year). Real GDP growth is estimated at 3.8 percent. GDP per capita will grow to $9,200,” he reported.

The projected oil price for 2018 is up from $45 to $55 per barrel, he added.

The Kazakh Ministry of Energy anticipates the nation’s oil production to reach 87 million tonnes. Last year, the oil-rich nation produced a record high 86.2 million tonnes of oil, which allowed it to mark a 4 percent economic growth.

“The revenues in 2018 are estimated at 5.7 trillion tenge (US$17.78 billion), which is 190 billion tenge (US$592.8 million) higher than what the previously approved plan envisioned. The payments into the National Fund will grow 546 billion tenge (US$1.7 billion) and make 2.6 trillion tenge (US$8.11 billion) in total,” said Suleimenov.

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