Kazakhstan's GDP grows by 5.1% y/y in H1.

By bne IntelliNews July 10, 2013

Kazakhstan's GDP expanded by 5.1% y/y in H1, according to preliminary data quoted by PM Serik Akhmetov. Industrial production increased by 1.8% y/y in the reported period, the PM has added. In H1/12 Kazakhstan's GDP expanded by 5.6% while industrial production went up by 1.6% y/y.

Akhmetov noted that strong GDP growth had been achieved despite lower than expected output at a number of oil and gas fields as well as metals. He also added that the mining industry had been affected by the recent accident at the ArcelorMittal's steel mill.

Metals exports decreased significantly in H1 while a flagship metal miner ENRC faces a number of scandals and an investigation from the British Fraud Office. The Kazakh government expects GDP to expand by 6% this year which is more optimistic than the prognosis made by international financial institutions which project GDP growth at  approximately 5% this year.

The authorities assume that GDP growth will accelerate after launch of oil production at Kashagan field which is already in the process and the firs oil is expected to be seen in September.

Related Articles

Turkey-based Eurasian development bank ETDB signs memo to boost return to Iran

The Central Bank of Iran (CBI) and the Turkey-based ECO Trade and Development Bank (ETDB) have signed a memorandum on strengthening bilateral ties, the CBI said on October 10. ETDB is a Eurasian ... more

Air Astana claims Kazakh air traffic may halt due to aviation fuel suspension

Air Astana said on September 25 that regular air traffic might come to a halt in Kazakhstan due to falling aviation kerosene supplies from Russia as well as the upcoming ... more

Kazakhstan's CAML takes over Macedonian Lynx in $402.5mn mining deal

Kazakhstan-based copper producer Central Asia Metals (CAML) said on September 22 it has conditionally agreed to acquire a 100% interest in Bermuda-based Lynx Resources ... more