Kazakhstan to reach $9,400 GDP per capita in 2019
By Abdul Kerimkhanov
GDP per capita will amount to $ 9,400 in 2019 with an increase to $ 12,100 in 2023.
Timur Suleimenov, Minister of National Economy of the Republic of Kazakhstan, shared his forecasts for gross domestic product for the coming years, Kazakh media reports.
Real GDP growth will be 3.8 percent in 2019. At the same time, the average annual growth rate of GDP (2019–2023) will be 4.1 percent. Nominal GDP will grow from 64.0 trillion. tenge ($175 billion) in 2019 to 86.5 trillion tenge ($236 billion) in 2023,” the minister said at a Government meeting.
Suleimenov told about the projected growth in various sectors of the economy.
The manufacturing industry will grow by 4.1 percent, the mining industry by 3 percent. Sustained pace will remain in agriculture - 6.4 percent, construction industry - 4.1 percent and trade - 4.4 percent, he added.
As for exports, minister noted that it will amount to $ 54.1 billion ($ 2.4 billion less than approved in August) in 2019 with an increase to $ 65.7 billion ($ 2.9 billion more) in 2023. Imports will amount to $ 32.9 billion (by $ 1.9 billion) in 2019 and increase to $ 39.6 billion (by $ 2.3 billion) in 2023.
“The volume of oil production was maintained at the level of 88 million tons in 2019 with an increase to 99 million tons in 2023. Inflation is expected in the approved range of 4-6 percent in 2019, with a subsequent decrease to 3-4 percent in 2020–2023,” T. Suleimenov concluded.
Earlier, the IMF forecasted 2.8 percent GDP growth in Kazakhstan in 2019. The main driver of the country’s GDP growth is an increase of oil production, but medium-term prospects remain subdued.
In 2017, the forecast for GDP growth of the country amounted to 4 percent.
The growth of consumer prices in Kazakhstan in 2018 is projected at 6.4 percent, and in 2019 at - 5.6 percent. In 2017, this indicator amounted to 7.4 percent.
Previously, the government of Kazakhstan forecasted an increase in the growth rates of the economy, mainly due to stable oil prices on the world market.
The nominal GDP in Kazakhstan in 2018 is expected at 57.2 trillion tenge. This is higher than the indicator approved in August 2017 by 1.3 trillion tenge. Real GDP growth is expected at 3.8 percent (previously forecasted at 3.1 percent). GDP per capita will increase to $9,200.
The economy of Kazakhstan is the largest economy in Central Asia, the second economy of the post-Soviet space. From January 1, 2015, the republic is a member of the Eurasian Economic Union.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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