Baku, Azerbaijan, Oct. 31
By Rashid Shirinov – Trend:
The dependence of Kazakh economy on the extractive industry has significantly decreased over the past five years, National Economy Minister Timur Suleimenov said at a plenary session of the lower house of Parliament, according to Kazinform.
"The mining industry accounted for about 19.5-20 percent of Kazakhstan’s GDP five years ago. Today the production of oil and solid minerals accounted for 11.5-12 percent. That is, the economy's dependence on oil and metal prices has decreased," he said.
However, the minister added that the share of the manufacturing industry still fluctuates at the same level of 11.5-12 percent.
"But, nevertheless, we increasingly rely on the growth of the service economy. During the same period, our service economy grew by 5 percent. We saw a big increase in the field of transport and logistics - if earlier it accounted for about 6 percent in the structure of the economy, now it is close to 9 percent," Suleimenov added.