1.9% GDP growth forecast by Ministry of Economy

12:26, 9 November 2016

ASTANA. KAZINFORM - In 2017 Kazakhstan's real GDP growth is forecast to be 1.9%, according to Minister of National Economy Kuandyk Bishimbayev. Today the Mazhilis of Kazakhstan Parliament have reviewed the draft law of the national budget 2017-2019, Kazinform reports.

"The real GDP growth is forecast to be 1.9% in 2017 with further increase to 3.1% in 2021. GDP per capita is forecast to equal USD 7,5 thousand in 2017, with further growth to USD 10 thousand in 2021", Bishimbayev reported.

According to the Minister the forecast for 2017-2021 is based on the baseline scenario. In baseline scenario the oil price is taken at the conservative level of USD 35 per barrel in 2017-2019 with slight increase to USD 45 per barrel by 2021. Prices for metals in 2021 will grow by 11% against 2016. Oil production in 2017 is expected to be 79,5 mln tons with further growth to 86,5 mln tons in 2021.

According to the Minister average annual growth rate in production sector will make 2.1%, 2.1% in including processing industry and 2.2% in mining. Average annual growth of gross production in agriculture will be 3.0%, and in construction - 3.6%.

Economy