Kazakh economy expected to grow 3.9% in 2019

Kazakhstan Materials 31 August 2018 09:02 (UTC +04:00)

Baku, Azerbaijan, Aug. 31


The Kazakh Ministry of National Economy expects economic growth in the country at 3.9 percent in 2019, National Economy Minister Timur Suleimenov said, Kazakh media reported.

“We are setting the GDP growth at 3.9 percent, with the subsequent growth of up to 4.6 percent,” he noted. “In the medium term, the growth will be about 4.2 percent.”

Suleimenov also said that in the three-year budget, the oil price is set at $60 per barrel.

“As you know, we have the opportunity to review these parameters,” he said. “As for the exchange rate, we don’t calculate it, we have floating regime of national currency. The exchange rate that we use to form the draft budget is 350 tenges per US dollar for the next year.”

“At the same time, the GDP doesn’t fully reflect the quality of life, the level of real well-being of citizens and the damage to the environment,” he noted. “Thus, key national indicators measuring the quality of life of the population and economic growth are provided for measuring progress on the path of 30 developed countries.”

Key national indicators are divided into measurement spheres and include indicators and international ratings. In order to achieve key national indicators of the Strategic Development Plan until 2025, a Strategic Map was developed, where the indicators are divided by sectors and regions, indicating annual values.

Monitoring of the implementation progress and achievement of the indicators of the Strategic Map will be carried out once a year.