Kazakhstan’s economic growth amounts to 4.3% for 9 months - National Economy Minister

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ASTANA. KAZINFORM The Minister of National Economy of Kazakhstan, Timur Suleimenov, reported on Tuesday on the economic situation in the country, according to Kazinform correspondent reports.

"Since the start of the year, the economic activity has improved. The GDP growth for 9 months of this year has amounted to 4.3%," he said, making a speech at the Government meeting.

According to him, the average exchange rate was equal to KZT323.2 per US dollar for this period, KZT341.1 per dollar since the beginning of October, while crude oil prices remained at $52 per barrel.

However, as Timur Suleimenov noted, at year-end the economy is expected to grow at 3.4%. Such figures are attributed to a high economic growth (2.5%) in Q4 2016, whereas in January-September last year the economy grew 0.4%.

The Minister of National Economy said that in 2017 the nominal GDP is projected to be KZT 51,855.3 billion, which is KZT 2,114.7 billion higher than the figure approved in February. GDP per capita will rise up to $8,700.

"The updated forecast is based on the reporting data on GDP for 2016, the tenge reference exchange rate against the US dollar kept at KZT330.0, and the world oil price kept at $50," Suleimenov added.

 

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