Political system: Republic; Area: 2 717 300 sq. km; Population: 15 143 700 people.; Currency: Tenge; GDP per capita: 2 700 USD (as of 2004).
The economic policy of Kazakhstan is oriented to the balanced economic growth of the state, fast development of the manufacturing industry as well as some of its branches, which are employing high technologies. Moreover, most of the investments are also made into the agricultural sector. It should be noted, that mining holds one of the most important positions in the development of the country. For 2006 the government of Kazakhstan projects not less than 8% economic growth of the country. Major investments received from oil exports accelerate this tendency. The economic recovery, which is being noted for the last several years, is a result, first of all, of a favorable environment of the world market of mineral resources, and macro-economic performance of Kazakhstan proves that the country is at the outset of a stable economic growth. Achievement of independence and formation of a reliable currency and financial system as well as involving foreign companies into mining of mineral resources (oil and metals) allowed Kazakhstan to get over the process of transition from the state with a planned economy to the country with a free market economy relatively smoothly. Since 1999 the economic growth of the country averaged 9,3%. In 2005 the rate of increase amounted to 9,4% in comparison with the previous year, and rising prices for raw materials on the external market was the integral part of this process. For this reason Kazakhstan made great strides in terms of the economic growth rate among the countries of Central Asia. Basically, such a growth became possible due to the developed infrastructure of output of oil and other mineral deposits. Recent developments in the sphere of oil recovery stipulated inflow of foreign investments to the country, which amounted to almost 40 billion of Dollars during the period from 1993 till 2005. The share of investments in oil, gas and metal mining was 80%. Kazakhstan, which is making 62 million of tons of oil per year, in 2005 became a second after Russia oil producer among CIS countries, and till 2015 the output of oil should increase to 150 – 170 million of tons per year. The average rate of inflation in 2005 amounted to 7,6% (6,9% in 2004). The volume of foreign trade is increasing year by year what stipulates the vigorous growth of prices for oil: in 2005 the prices increased by 37,7% if compared to 2004. The volume of export went up by 39%, and the volume of import – by 35,4%. The currency and gold reserve of Kazakhstan amounts to almost 15 billion of Dollars with the state oil fund being 7 billion Dollars. The government capital expenditures in 2006 amounted to 11,01 billion Dollars, while the planned budget deficit was 60 million Dollars, what comes up to 0,1% of GDP for 2005. The production makes out one third of GDP and the sphere of services, including trade, - almost half of the gross domestic product. The share of oil and gas industry in the whole production sector of Kazakhstan is 40%. The most important exports are oil and gas condensate, ferrous metals, coal, copper, monogenic chemicals and wheat.
The most important imports are parts for machinery-producing industry, natural gas, electrical goods, sugar, cars (mainly from Germany and Japan), furniture, minerals, products of chemical and metal-based manufacturing industry, various plastics and textile.
General Economic Forecasts
* all figures are given in %; ** investments into development and upgrading of building projects; *** for the financial year; **** not taking into account unstructured trade. Sources:
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