Baku, Azerbaijan, August 27
By Nargiz Sadikhova – Trend:
Real growth of Kazakhstan’s GDP is projected at 4.1 percent in 2020, 4.7 percent in 2024, and the average annual GDP growth rate over next five years will be 4.4 percent, Minister of National Economy of Kazakhstan Ruslan Dalenov said, Trend reports with reference to the press office of prime minister of Kazakhstan.
He made the statement at a government session chaired by Prime Minister of Kazakhstan Askar Mamin, during which Dalenov presented the Forecast of the Country's Socio-Economic Development for 2020-2024
Thus, depending on changes in external parameters, three possible scenarios for the development of the economy of Kazakhstan were considered. The basis for the formation of the forecast and budget parameters is taken as the base scenario, which assumes an oil price of $55.
“Sustainable and progressive dynamics of the economy will be ensured by a higher increase in gross capital formation, and moderate growth in domestic consumption and exports. Investments will become a significant factor in maintaining economic growth,” Dalenov emphasized.
In the context of industry, the main growth will be in the non-oil sector.
“This is manufacturing, services and construction. The average growth of these industries will be at the level of 4.7 percent,” he added.
As stated by the minister, oil production will increase from 90 million tons in 2020 to 100 million tons in 2024. The increase in production will be due to the expansion of the Tengiz, Karachaganak, Kashagan fields and the commissioning of offshore fields.
“Nominal GDP will amount to 75 trillion tenge in 2020, and to 106 trillion tenge in 2024. GDP per capita will be $10,500 in 2020, with an increase to $14,300 in 2024,” Dalenov noted.
He further added that exports from the country will grow at an average rate of 2.9 percent, reaching $63 billion in 2024, whereas the average annual import growth will be at the level of 2.5 percent, amounting to $37 billion in 2024.
---
Follow the author on twitter: @nargiz_sadikh