Fitch expects Kazakhstans GDP to grow by 5% this year.

By bne IntelliNews May 16, 2012
Fitch expects Kazakhstans GDP to grow by 5% in 2012, this was stated by the director in Fitch Ratings sovereign team Charles Seville at the 6th annual conference of Fitch Ratings for Kazakhstan. At the same time, he noted that oil revenues will contribute only 1% to the real GDP growth. Seville explained that the extractive industry in not growing at such a fast pace as the non-resource sector. In Q1, Kazakhstans GDP increased by 5.6% y/y while in 2011 an increase of 7.5% was reported. The Kazakh Ministry of Economic Development and Trade forecasts GDP growth at the level of 6%, similar prediction was recently made by the IMF.

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