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The Government predicts industry growth to reach 3% in 2017

by February 13, 2017 Key Issues

This year, the growth of the industry is expected to reach 3%. This was reported at the Government meeting by the Minister of National Economy Timur Suleimenov, presenting the forecast of socio-economic development for years 2017-2021.

According to him, the forecast is refined based on preliminary accounting data for GDP growth and economy sectors development for 2016, change in the US dollar exchange rate from 360 to 330 tenge, as well as current trends in world commodity markets.

The nominal GDP in 2017 is projected at 49740.6 billion tenge, GDP per capita will increase to 8391.5 thousand US dollars.

Industrial growth is revised upwards to 3% due to expected higher growth in the manufacturing sector at 2.6%.

Forecast of oil production increased to 81 million tonnes due to increased production at the Kashagan field. The average annual increase in the volume of gross agricultural output will be 2.5%, inflation corridor remains on the previously approved level of 6-8%.

Source: Government of the Republic of Kazakhstan