Baku, Azerbaijan, July 18
By Nargiz Sadikhova - Trend:
International Monetary Fund (IMF) has increased Kazakhstan’s GDP growth prognosis up to 3.8 percent this year, compared to 3.2 percent stated in April of this year, Trend reports with reference to press office of IMF.
“In the absence of shocks, the team projects growth of 3.8 percent in 2019 and slightly higher next year, with recovery in the oil sector. Risks to the outlook stem from commodity prices and geopolitical and trade tensions involving major trading partners,” the report said.
“Growth remained robust in the first half of 2019, despite a slowdown in oil production driven by capital repairs in major fields. A strong pick-up of activity was recorded in manufacturing, services, and construction,” the IMF’s statement said.
“Higher exports and lower FDI-related (foreign direct investments) income payments supported the external current account, which posted a 1Q2019 surplus. Outflows related to government and quasi-sovereign debt repayments and portfolio investments caused National Bank of Kazakhstan reserves to decline in 1Q2019; they recovered partially in 2Q2019,” IMF concluded.
According to the government of Kazakhstan, the real GDP growth in the country is forecasted to be 3.8 percent in 2019. Last year it has amounted to 4.1 percent.
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