Kazakhstan’s GDP growth expected to reach 3.4% in 2017
"This year, the economic growth is estimated at 3.4%, while the major growth factors will be the conventional strategic sectors. Oil production will grow to 84.5 million tons due to the increased production in Kashagan," said Minister of National Economy Timur Suleimenov at the meeting with the International Monetary Fund mission representatives.
According to him, owing to the start of the projects under the Industrial and Innovative Development State Program and continued implementation of "Nurly Zhol" State Program, the growth rate in processing will increase up to 5%.
"Besides, it is about construction. Due to the start of the new program, "Nurly Zher", the construction volume is expected to enlarge up to 3%," the minister noted.
At the same time, the Government is shaping a new growth model targeted at investments and new technologies to ensure a higher economic growth. The President's Address "The 3rd Modernization of Kazakhstan: Global Competitiveness" specifies its main aspects.
"For sustainable development of the country's economy, the major measures focus on the technological modernization of the economic sectors to increase the labor productivity, especially in the processing and services sectors," Timur Suleimenov emphasized.