Kazakhstan's short-term economic indicator, a narrower gauge of annual GDP growth, edged up 0.8% in 2016, data from the State Statistics Committee showed.
The indicator is based on the change in output indices recorded in six basic sectors: agriculture, industry, construction, trade, transport and telecommunications. These sectors constitute 60% of GDP and so the short-term economic indicator gives an idea as to the country's likely GDP expansion.
According to the data, investment in fixed assets increased 5.1% y/y to KZT7.72tn (€21.8bn) in 2016. Industrial output shrank by 1.1% y/y to KZT18.6tn at current prices. The volume of gross output in agriculture went up by 5.5% y/y to KZT3.62tn.
The transport sector expanded by 0.5% y/y, while the telecommunications sector contracted by 2% y/y and the volume of trade fell by 1.4% y/y.
Compared to the short-term indicator, the Kazakh government expects the full GDP figure to grow by 0.5% this year from 1.2% in 2015. The estimate is below the latest forecast of the Asian Development Bank that pitches growth at just 0.1% y/y. The International Monetary Fund (IMF), however, is more optimistic projecting this year's growth at 0.8%.
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