Kazakhstan to revise forecasts for GDP growth
By Aynur Jafarova
The Kazakh government plans to revise the forecasts for GDP growth in 2014.
The news was announced by Kazakhstan's National Economy Minister Erbolat Dossayev on October 9.
"The government expects results for nine months to revise the forecasts for this year. The results will be ready by October 15, and then we will take necessary decisions," he said, noting that there exist trends that have a definite impact on the economy of Kazakhstan.
In August, the Kazakhs government approved the forecast of socio-economic development of the country for 2015-2019.
According to the forecasts, the real GDP growth of Kazakhstan in 2015 is expected to reach 5 percent, in 2016 - 5.6 percent, in 2017 - 6.8 percent, in 2018 - 5.8 percent, and in 2019 - 6.5 percent.
The nominal GDP is projected to grow from 45 trillion tenge ($1=181.8 tenge) in 2015 to 72.8 trillion tenge in 2019. GDP per capita in 2015 will amount to over $13,900 and will increase to $21,400 in 2019.
Kazakhstan's export will increase from $79.2 billion in 2015 to $93.5 billion in 2019 and the import of the country from $50.1 billion in 2015 to $57.8 billion in 2019.
Touching on the possibility of devaluation of Kazakhstan's national currency tenge, Dossayev said it is not worth waiting for a regular devaluation in the country.
"Today we hold preventive measures with the government in order to understand the direction in which the Russian ruble will be weakened or consolidated," he said. "Devaluation is not likely to occur."
He also noted the Kazakh government is closely monitoring the
situation in Russia.
In February, after adjusting the exchange rate of the national
currency by the National Bank of Kazakhstan, the dollar exchange
rate reached 185 tenge ($1=181.843 tenge). In July, Head
of the National Bank Kairat Kelimbetov denied rumors of a second
wave of devaluation.
Dossayev also noted the prices on petroleum products are not expected to be increased in Kazakhstan by late 2014.
"In particular, we resolved the problem with oil products," he said. "The prices are not expected to be increased this year."