The tenge value of GDP remained flat at KZT40.8 trillion, while falling in dollar terms by 46.2% to $120.1bn.
As a result, the dollar value of the country’s GDP is at the 2010 level, when the country started recovering from the 2008-2009 global financial crash. The slump in the dollar value is an effect of the depreciation of the tenge, which lost 46.2% of its value against the dollar in 2015.
However, the tenge’s devaluation doesn’t seem to have affected the tenge value of the Kazakh economy as the GDP deflator was negative at 1.1%.
According to the statistics committee, the physical volume of Kazakhstan’s GDP increased by 1.2% y/y in 2015. The production of goods increased by 0.1% y/y to KZT13.8tn. Industry fell by 1.5% to KZT10.4tn, while agriculture increased by 4.4% toKZT1.9tn, construction by 4.3% to KZT2.5tn and services by 2.3% to KZT23.2tn.
Total value added stood at KZT38tn, accounting for 93.1% of GDP, while “taxes on products” amounted to KZT2.8tn, or 6.9% of GDP.
The share of production of goods fell by 0.3 percentage points to 36.3% of GDP, while that of services increased by 3.5 percentage points to 56.8% of GDP. The share of “taxes on products” fell by 3.2 percentage points to 6.9% of GDP.
Industry accounted for 25.5% of GDP, including the mining sector for 13.3% and manufacturing for 10.1%, agriculture for 4.7%, construction for 6.1%, transport and logistics for 8%, trade for 17.1% and property operations for 8.4%.