National Bank forecasts growth of Kazakhstan’s GDP
Baku, Azerbaijan, Nov. 29
By Ali Mustafayev – Trend:
Kazakhstan’s gross domestic product (GDP) is expected to grow 3.5 percent in 2017, the National Bank of Kazakhstan said in a revised assessment Nov. 29.
According to the latest assessment of the National Bank, Kazakhstan’s economic growth rate will increase to 3.5 percent in 2017 and weaken to 2.8 percent in 2018.
The revision of the growth rate is explained by the acceleration of recovery processes in the real sector of the economy in 3Q17.
The main contribution to the economy’s growth came from increase in extraction of mineral resources. The growth of investments in fixed assets also continues to support the growth of the economy, according to the National Bank.
Meanwhile, the National Bank expects a growth in imports of consumer and investment goods as a result of expansion of domestic demand in Kazakhstan.