Kazakhstan’s GDP per capita projected at $12,900 in 5 years

Business Materials 1 November 2018 10:25 (UTC +04:00)

Baku, Azerbaijan, Nov. 1

By Rashid Shirinov – Trend:

Kazakh National Economy Minister Timur Suleimenov, speaking at the plenary session of the lower house of parliament, announced the forecast of socio-economic development of the country for 2019-2023, according to Kazinform.

"The price of oil in the base scenario is set at $60 per barrel. Real GDP growth is projected at 3.9 percent in 2019, with subsequent growth to 4.6 percent in 2023. The average annual GDP growth rate will be 4.2 percent," he said.

According to forecasts, nominal GDP will grow from 64.15 trillion tenge in 2019 to 86.94 trillion tenge in 2023, and GDP per capita will be $9,900 in 2019 and $12,900 in 2023.

"The main driving force behind the growth of economic activity in the medium term will be the processing industry and agriculture, construction industry, transport and logistics sector and service economy", the minister said.

He added that oil production will increase from 88 million tons in 2019 to 99 million tons in 2023 due to an increase in oil production at the Kashagan oil field and the project of future expansion of Tengizchevroil.

Kazakhstan’s exports will be $56.5 billion in 2019, increasing to $68.5 billion in 2023, while imports will grow from $34.8 billion in 2019 to $41.9 billion in 2023, according to forecasts.

The official exchange rate on November 1 is 368.95 KZT/USD.