Baku, Azerbaijan, August 18
By Elena Kosolapova - Trend:
GDP growth hit 4 percent in Kazakhstan in January - July 2014, Kazakhstan Today reported on August 18.
It was announced by Chairman of Kazakh Statistics Committee Alikhan Smailov at the briefing in the Central Communication under Kazakh President.
The slowdown in the Kazakh economy resulted from slowdown in the Russian economy.
"First of all, the reduction in the economy growth was provoked by the slowdown in the economic growth of our main partner Russia. In Russia GDP growth rate was 3.4 percent in 2013, but this year it is expected at 0.5 -0.6 percent. Naturally, this fall affects Kazakhstan, because we have very close economic ties," Smailov said.
In particular, the decline in Russian GDP growth causes a decrease in demand for Kazakh supplies.
In general, the situation in Kazakhstan's economy remains stable, according to Smailov.
However some decrease is observed in non-ferrous metallurgy.
Oil production also decreased slightly, however it is expected to reach last year's results in oil production until the end of 2014, he said.
Edited by C.N.