National Bank of Kazakhstan expects GDP growth

Business Materials 22 September 2017 16:47 (UTC +04:00)

Baku, Azerbaijan, Sept. 22

By Ali Mustafayev – Trend:

The National Bank of Kazakhstan expects GDP growth at 3.1% in 2017 and 3% in 2018. According to forecasts of the Bank, external demand is expected to recover in the medium term.

The expansion of external demand will be due to the positive growth rates of the Russian economy, the moderate growth of China's economy, as well as, weak economic growth in the EU, the National Bank reported.

With an oil price of $50 per barrel, the National Bank expects economic growth at 3.1% in 2017.

The estimates became more positive due to higher recovery rates of economic activity in the second quarter, according to the Bank’s report.

The growth rate of the economy in 2018 is expected to reach the level of 3%, taking into account the higher base. In the long run, GDP growth will tend to its potential value.