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.
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