The National Bank of Kazakhstan has revised its 2017 GDP growth forecast from 2.8% to 3.1%, the bank said on August 22.
The upward revision in the central bank’s forecast is mainly due to a faster-than-anticipated recovery in the real sector, the bank said. Kazakh GDP grew by 4.2% in the first half of 2017.
With the long-awaited giant Kashagan oil project having been launched in October 2016 and more energy projects expected to come on stream, Astana will likely rely on increased oil production coupled with its bet on increasing foreign investments to boost growth. The central bank has also noted that the oil production forecast for 2017 is now projected at 84.5mn tonnes compared to the previous prediction of 81mn tonnes.
Kazakhstan is hoping to raise its economic growth to 5.5% by 2021, Kazakh Prime Minister Bakytzhan Sagintayev said on June 15.