GDP growth rate in Kazakhstan hits 5 percent
Kazakhstan, Astana, March 5 /Trend D. Mukhtarov/
According to a preliminary evaluation, the Kazakhstan GDP growth rate in 2012 constituted five per cent, the minister of economy and budget planning Erbolat Dosaev said at a regular government meeting on Tuesday. That is one per cent less than expected, he said.
"The main reason for the reduction in comparison with the growth rates of the global economy was the decrease in the external demand for the production of the mining and metallurgy industries. Amongst other reasons is the reduction of the gross output of plant cultivation by 27.7 per cent and oil extraction to 79.9 million tons in comparison with an expected 81 million," Dosaev said.
As he claimed, the low rates of goods production will be offset by high rates in the service sector. Transport services increased by 7.2 per cent, communication services by 9.6 per cent and the growth of retail and wholesale trade constituted 14.6 per cent.
"The observed growth of the population's income allowed for the provision of the prospected figures of the GDP per capita. It constituted $12,000 in comparison with an anticipated $11.800.
According to the medium term forecast provided by Dosaev, the real growth of the economy by 6 - 7.6 per cent in 2013 - 2017 will provide the growth of the GDP per capita to more than $20,000 by 2018. The main sources of the economic growth will be the increase of internal demand that will be growing at rates of between 6.5 - 6.85 per cent annually, preservation of external demand and the growth of investments.
"In connection with the start of the development of the Kashagan oilfield the amount of oil extraction will grow from 82 million tons in 2013 to 102 million tons in 2017," Dosaev noted.
According to the minister, achievement of the prospective rates of economic growth will ensure the basic implementation of the president's instruction to provide a seven per cent of medium term annual growth.